Money that is a real cost to the company but that is not actually paid at the time a machine wears down but when it is replaced is an example of a(n) _____ cost.
A) explicit
B) implicit
C) sunk
D) total
Correct Answer:
Verified
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 _
Q33: All of these are included in implicit
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)
Q39: Money that a firm spends on health
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