Implicit costs are:
A) labour costs to the firm.
B) the opportunity costs of using someone else's resources.
C) payments from owners of a firm for labour.
D) the opportunity costs of using resources owned by the firm.
E) payments to non-owners of a firm for their resources.
Correct Answer:
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Q1: Which of the following are implicit costs
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Q5: Explicit costs would include:
A) rent.
B) the interest
Q9: Economic profit is:
A)always zero.
B)always less than accounting
Q13: Implicit costs are best thought of as:
A)
Q13: Which of the following statements is true?
A)
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Q15: In the long run, total fixed cost:
A)
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