Which of the following are typical implicit costs for a typical firm?
a. cost of raw materials used in manufacturing the product
b. cost of machinery
c. insurance costs
d. opportunity costs of capital owned and used by the firm
d
Economics
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The economic efficiency of any process will be evaluated by
A) the proportion of marginal to non-marginal costs. B) the ratio of work done to energy supplied. C) comparing what is gained from what is sacrificed. D) the relationship of supply to demand.
Economics
In the short run, a firm can minimize its total costs of production by operating at the minimum of its average total cost curve
Indicate whether the statement is true or false
Economics