What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?
The opportunity cost of an item refers to all those things that must be forgone to acquire that item. Both explicit and implicit costs are included as opportunity costs.
Economics
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Explain the difference between fixed costs in the short run and fixed costs in the long run
What will be an ideal response?
Economics
Free trade policies may lead to
A) a decrease in world output. B) price increases in world markets. C) some labor sectors experiencing some short-term job loss. D) none of the above.
Economics