Implicit cost of a factor of production is determined by its
A) sunk cost
B) variable cost
C) fixed cost
D) opportunity cost
Correct Answer:
Verified
Q6: The saucer-type of modern Short run Average
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: AFC curve will always be
A)rectangular hyperbola
B)u shaped
C)horizontal
D)downward
Q12: Economic cost include both
A)explicit cost and implicit
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
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents