Implicit costs can be difficult to measure because
A) business owners cannot always observe them directly.
B) they are not measured in dollars.
C) they are always very expensive.
D) they are always greater than explicit costs.
E) they include expenses like taxes.
Correct Answer:
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Q5: Accountants consider only explicit costs when measuring
Q6: If a firm has total costs of
Q7: Economists consider both explicit costs and implicit
Q8: What needs to be done to ensure
Q9: Total revenue minus total cost is equal
Q11: Lisette is the owner of a bakery
Q12: Implicit costs are
A) the opportunity cost of
Q13: If a firm generates $240,000 in revenue,earns
Q14: An explicit cost for a business that
Q15: Explicit costs are
A) the opportunity cost of
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