An explicit cost is:
A. omitted when accounting profits are calculated.
B. an implicit cost to the resource owner who receives that payment.
C. always in excess of a resource's opportunity cost.
D. a money payment made for resources not owned by the firm itself.
Answer: D
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The estimated price elasticities of demand for the products listed in the table as "Product A" are from Table 6-2 in the text
Indicate whether the products listed as "Product B" will have a more elastic or less elastic demand than the corresponding Product A. Product A Estimated Elasticity for Product A Product B Is Estimated Elasticity for Product B More Elastic or Less Elastic than for Product A? Beer -0.29 Samuel Adams Boston Lager Chicken -0.37 Organically raised chicken Cocaine -0.28 Illegal narcotics Cigarettes -0.25 Marlboro Lights Restaurant meals -0.67 Denny's Grand Slam breakfast
Refer to Figure 10.3. A negative demand shock with no change in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE3 to AE2; a shift from IS2 to IS1 B) a shift from AE2 to AE3; a shift from IS1 to IS2 C) a shift from AE2 to AE1; a movement from point B to point A D) a shift from AE3 to AE1; a movement from point C to point A