Explicit costs would include:
A) rent.
B) the interest loss of the business owner on money withdrawn from his/her saving account and invested in the business.
C) the loss of rent on a building the business owner owns and uses in his/her business.
D) the opportunity costs of the business owner's time.
Correct Answer:
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Q2: A young chef is considering opening his
Q3: Implicit costs are:
A) labour costs to the
Q5: Implicit costs are best thought of as:
A)
Q6: Economic profit equals total revenue minus:
A) total
Q7: If a firm has total revenue of
Q8: Marginal product measures the change in:
A) total
Q9: The long run is a period of
Q10: A firm can produce 450 litres of
Q11: An economist left her $100 000-a-year teaching
Q32: The short run is a period of
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