Explicit costs are called _____ costs, and implicit costs are _____ costs.
A) sunk; opportunity
B) opportunity; out-of-pocket
C) out-of-pocket; opportunity
D) opportunity; sunk
Correct Answer:
Verified
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
Q34: Money that is a real cost to
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
Q40: The cost incurred by a firm through
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