Explicit costs
A) Include only payments to entrepreneurship.
B) Are the sum of actual monetary payments made for resources used to produce a good.
C) Include the market value of all resources used to produce a good.
D) Are the total opportunity costs of resources used to produce a good.
Correct Answer:
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Q2: The profit motive can encourage businesses to
Q2: Normal profit
A)Covers the full opportunity cost of
Q3: Q3: Greater-than-normal profit represents Q5: A firm that makes zero economic profits Q7: Economic profit is the difference between Q9: Implicit costs Q14: Profit Q16: Which of the following is the best Q18: Which of the following should not be
A)Explicit costs minus implicit costs.
B)Payment
A)Must
A)Accounting profits
A) Include only payments to workers
A)Is the difference between total revenue and
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