Payments to nonowners of a firm are called:
a. implicit costs.
b. accounting costs.
c. explicit costs.
d. economic costs.
a
Economics
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The table above shows the payoff matrix for a prisoners' dilemma. In the Nash equilibrium
A) both prisoners get 3 years in jail. B) both prisoners get 2 years in jail. C) both prisoners get 1 year in jail. D) both prisoners get 10 years in jail.
Economics
Okun's law shows that when the unemployment rate is below the natural rate,
A) inflation is higher than expected. B) inflation is lower than expected. C) output is below potential. D) output is above potential.
Economics