Economic costs are the sum of _____ costs and _____ costs.
A) sunk; implicit
B) explicit; implicit
C) explicit; sunk
D) sunk; marginal
Correct Answer:
Verified
Q27: Economists assume that firms try to _.
Q28: The price of a mango is $2
Q29: All of these are explicit costs, EXCEPT
A)
Q30: Economic profit is total revenue minus
A) implicit
Q31: Which is an implicit cost?
A) material cost
B)
Q33: All of these are included in implicit
Q34: Money that is a real cost to
Q35: Explicit costs are called _ costs, and
Q36: Economists calculate profits as total revenue minus
A)
Q37: Which is NOT considered an explicit cost?
A)
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