The salary that the owner of a small business could have made working for another company is an explicit cost.
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Q217: Accounting profit reflects a business's implicit costs.
Q218: An example of the implicit cost of
Q219: Implicit cost is the difference between total
Q220: Arya makes earrings in the shape of
Q221: Arya makes earrings in the shape of
Q223: Any business decision should take sunk costs
Q224: Sunk costs can also be explicit costs.
Q225: Toyota spent over $1 billion to develop
Q226: Normal profits are profits in excess of
Q227: A firm earns normal profit when accounting
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