Implicit costs:
A) are always fixed.
B) measure the forgone opportunities of the owners of the business.
C) always exceed explicit costs.
D) are irrelevant to business decisions.
Correct Answer:
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Q7: Normal profits occur when:
A)accounting profits are positive.
B)economic
Q8: Economic profits are:
A)the same as accounting profits.
B)equal
Q9: If you were to start your own
Q10: Curly told Larry about his new business
Q11: Explicit costs:
A)measure the opportunity costs of the
Q13: If a firm is earning zero economic
Q14: Chris was the business manager for a
Q15: An example of an implicit cost is:
A)interest
Q16: Suppose you quit your job to start
Q17: Accounting profits are:
A)equal to total revenues minus
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