________ is called an implicit cost, while ________ is called an explicit cost
A) An accounting cost; an economic cost
B) A nonmonetary opportunity cost; a cost that involves spending money
C) A production cost; a sales cost
D) An actual cost; a hypothetical cost
Answer: B
Economics
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The figure above could represent the long-run equilibrium for a
A) perfectly competitive firm. B) monopolistically competitive firm. C) monopoly. D) firm facing inelastic demand at all outputs.
Economics
When politicians support policies that benefit small interest groups, such as farmers, at the expense of unorganized, widely dispersed groups, for example, taxpayers or consumers, this is a reflection of the
a. tragedy of interest. b. special-interest effect. c. unorganized interest effect. d. shortsightedness effect.
Economics