An implicit cost is defined as:
A) the opportunity cost of using a resource that is not explicitly paid out by the firm.
B) the difference between an input's explicit cost and its actual cost.
C) the amount by which economic profit exceeds accounting profit.
D) the amount by which the money spent on an input to production exceeds its opportunity cost.
A
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A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a horizontal line. From this fact we know that
A) the value of x never changes. B) the value of y does not depend on the value of x. C) the ratio of x to y is constant. D) the slope of the line is not defined because y never changes.
In 2001-2002, the fast food industry underwent tremendous growth
Indicate whether the statement is true or false