Explicit costs:
A) are the only costs that matter to business owners.
B) usually exceed implicit costs.
C) are difficult to measure.
D) appear on the firm's balance sheet.
Correct Answer:
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Q2: Which of the following would not be
Q3: It is always true that:
A)accounting profits are
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
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
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