In defining economic costs,economists emphasize
A) Explicit and implicit costs while accountants recognize only implicit costs.
B) Explicit and implicit costs while accountants recognize only explicit costs.
C) Only explicit costs while accountants recognize only implicit costs.
D) Only explicit costs while accountants recognize explicit and implicit costs.
Correct Answer:
Verified
Q2: Normal profit
A)Covers the full opportunity cost of
Q3: Greater-than-normal profit represents
A)Explicit costs minus implicit costs.
B)Payment
Q4: The best measure of the economic cost
Q5: A firm that makes zero economic profits
A)Must
Q6: Economic profit is
A)Greater than accounting profit by
Q7: Economic profit is the difference between
A)Accounting profits
Q8: Explicit costs
A)Include only payments to entrepreneurship.
B)Are the
Q9: Normal profit implies that
A)Economic profit must be
Q10: Table 22.1 Q11: Implicit costs
A)Include only payments to workers and
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