Implicit and explicit costs are different in that:
A. implicit costs are relevant only in the short run.
B. the former refer to nonexpenditure costs and the latter to out-of-pocket costs.
C. explicit costs are relevant only in the short run.
D. the latter refer to nonexpenditure costs and the former to out-of-pocket costs.
Answer: B
You might also like to view...
Supply chain management refers to
A) the contracts put in place to manage a firm's suppliers. B) the decisions around which stages of production to handle internally and which to buy from others. C) how the firm compensates the employees who work on the firm's internal stages of production. D) the 19th century practice of having barges move downstream with the flow of the river.
The inability of client to monitor the efforts made by his lawyer to defend his case is an example of the principal/agent problem
Indicate whether the statement is true or false