Out-of-pocket expenses such as wages and raw materials are
A. implicit costs.
B. explicit costs.
C. direct costs.
D. an owner-provided capital cost.
Answer: B
Economics
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In the short run, firms increase output
A) only by increasing the size of their plant. B) only by decreasing the size of their plant. C) only by increasing the amount of labor used. D) only by decreasing the amount of labor used. E) either increasing the amount of labor used or increasing the size of their plant.
Economics
An increase in labor productivity relates to
A) working harder over time. B) working longer over time. C) producing the same output with fewer labor hours. D) producing the same output with more labor hours.
Economics