Economic theory asserts that:
a. both implicit costs and explicit costs are relevant in decision making.
b. only implicit costs are relevant in decision making.
c. only explicit costs are relevant in decision making.
d. a cost to be incurred in the future should count more heavily than a cost incurred today
Ans: a. both implicit costs and explicit costs are relevant in decision making.
Economics
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Additions to the nation's capital stock are brought about through
A) the current account surplus. B) investment. C) investment and the current account surplus. D) investment and the government budget surplus.
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If price is set equal to marginal cost when marginal cost is below ATC, the firm will suffer a loss
Indicate whether the statement is true or false
Economics