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Survey of Economics Principles
Quiz 5: Production Technology and Cost
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Question 21
True/False
Economic cost differs from accounting cost because accountants do not consider implicit costs.
Question 22
Short Answer
What is economic profit?
Question 23
Essay
Can a firm's accounting profit be smaller than the economic profit? Assume that all costs are positive.
Question 24
True/False
Implicit cost is the opportunity cost of the inputs that do not require monetary payment.
Question 25
Multiple Choice
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s) . -Recall the Application. Which of the following would be included as an opportunity cost of driving for Uber?