Economic cost include both
A) explicit cost and implicit cost
B) fixed cost and variable cost
C) explicit cost and prime cost
D) money cost and sunk cost
Correct Answer:
Verified
Q7: The Long run Average Cost curve (LAC)
Q8: Under increasing returns to scale, which of
Q9: Which of the following has a U
Q10: Average Fixed Cost (AFC) curve will always
Q11: Implicit cost of a factor of production
Q13: The U shape of MC curve reflects
A)economies
Q14: Envelope curve is
A)long run marginal cost curve
B)long
Q15: In long run, which factor of production
Q16: The U shape of the average total
Q17: The total fixed cost is a
A)horizontal straight
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