Implicit and explicit costs are different in that
A) explicit costs are opportunity costs; implicit costs are not.
B) implicit costs are opportunity costs; explicit costs are not.
C) the latter refer to nonexpenditure costs and the former to monetary payments.
D) the former refer to nonexpenditure costs and the latter to monetary payments.
Correct Answer:
Verified
Q82: Normal profit is
A)determined by subtracting implicit costs
Q83: The following is cost information for the
Q84: What do wages paid to factory workers,
Q85: Suppose that a business incurred implicit costs
Q86: Accounting profits are typically
A)greater than economic profits
Q88: The following is cost information for the
Q89: The following is cost information for the
Q90: Which of the following is most likely
Q91: Economic profits are calculated by subtracting
A)explicit costs
Q92: To the economist, total cost includes
A)explicit and
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