If you were to start your own business,your implicit costs would include:
A) rent that you have paid in advance for use of a building.
B) the opportunity cost of your time.
C) profit over and above normal profit.
D) interest that you pay on your business loans.
Correct Answer:
Verified
Q4: Chris was the business manager for a
Q5: The economic theory of business behavior assumes
Q6: Adam Smith coined the term "invisible hand"
Q7: Normal profits occur when:
A)accounting profits are positive.
B)economic
Q8: Economic profits are:
A)the same as accounting profits.
B)equal
Q10: Curly told Larry about his new business
Q11: Explicit costs:
A)measure the opportunity costs of the
Q12: Implicit costs:
A)are always fixed.
B)measure the forgone opportunities
Q13: If a firm is earning zero economic
Q14: Chris was the business manager for a
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