All of these are included in implicit costs EXCEPT
A) salary that would have been earned at another job.
B) interest that is foregone from capital invested.
C) opportunity costs.
D) expenditures for raw materials.
Correct Answer:
Verified
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)
Q32: Economic costs are the sum of _
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)
Q38: A normal rate of return on capital
A)
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