Which of the following is an implicit cost to a firm that produces a good or service?
A) Labor costs
B) Costs of operating production machinery
C) Foregone profits of producing a different good or service
D) Costs of renting or buying land for a production site
Correct Answer:
Verified
Q1: Which of the following are signals to
Q2: The higher the interest rate:
A) the greater
Q4: Scarce resources are ultimately allocated toward the
Q5: The primary inducement for new firms to
Q6: Economic profits are:
A) total revenue minus total
Q7: If the interest rate is 5 percent,the
Q8: A firm will have constant profits of
Q9: Suppose the interest rate is 5 percent,the
Q10: Accounting profits are:
A) total revenue minus total
Q11: As more firms enter an industry:
A) accounting
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