Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost.
B) Total cost = fixed cost + implicit cost.
C) Total cost = fixed cost + variable cost.
D) Variable cost = wages + salaries + benefits.
Answer: C
You might also like to view...
Other things being equal, an increase in consumption spending implies
A) a decline in saving. B) that economic growth will soon increase. C) a higher standard of living in the future. D) a decline in government spending.
The components of aggregate expenditure are consumption expenditure,
A) investment, government expenditure on goods and services, and net exports. B) investment, government expenditure on goods and services, and net taxes. C) interest, government expenditure on goods and services, and net exports. D) investment, government expenditure on goods and services, and net income. E) interest, gross spending, and net spending.