Implicit costs are best thought of as:
a. variable costs.
b. marginal costs.
c. accounting costs.
d. opportunity costs.
e. sunk costs.
d
Economics
You might also like to view...
The question, "What is really more efficient?" could usefully be translated into the question:
A) "What is the best long-term solution?" B) "What will best promote social welfare?" C) "What will produce the most economic value?" D) "Who should have the right to decide?" E) "What will produce the most rapid rate of economic growth?"
Economics
For the monopolist, marginal revenue is
A) equal to price. B) less than average revenue since price must be lowered to sell additional units. C) greater than price. D) not a consideration in the firm's pricing.
Economics