The forgone income that the owner of a business could have made by spending time working in another job is called:
A) explicit cost.
B) marginal cost.
C) total cost.
D) opportunity cost.
Correct Answer:
Verified
Q1: The law of diminishing marginal productivity states
Q3: Explicit revenue minus explicit measurable costs equals:
A)
Q4: If average fixed cost is $2 and
Q5: The marginal cost curve intersects the average
Q6: The law of diminishing marginal productivity implies
Q7: If marginal costs are rising, average total
Q8: When average total cost is rising, the
Q9: If total cost is 100, total fixed
Q10: A business owner makes 50 items by
Q11: A business owner makes 50 items by
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