Unlike implicit costs, explicit costs
a. reflect opportunity costs
b. include the value of the owner's time
c. are not included in a firm's accounting statements
d. are actual cash payments
e. do not change as a firm's output changes
D
Economics
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Which was not a result of the California gold rush?
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Which of the following could be the price elasticity of demand for a good for which a decrease in price would increase revenue?
a. 0 b. 0.4 c. 1 d. 4
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