The private costs of a firm includes all of the costs of resource use, both explicit and implicit, the firm must bear to produce an output.
Correct Answer:
Verified
Q6: Implicit costs are those costs of production
Q7: The social costs of firm are the
Q8: Long-run total cost is the maximum economic
Q9: Implicit costs represent the opportunity that a
Q10: Explicit costs are those costs of production
Q12: Historical costs are those costs of production
Q13: Marginal cost must be equal to average
Q14: Fixed costs are costs that do not
Q15: The social costs of firm are any
Q16: When marginal cost is greater than average
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents