Which of the following statements is correct?
a. Opportunity costs equal explicit minus implicit costs.
b. Economists consider opportunity costs to be included in a firm's total revenues.
c. Economists consider opportunity costs to be included in a firm's costs of production.
d. All of the above are correct.
c
You might also like to view...
If a monopoly engages in rent seeking,
i. its average total cost curve is lower than otherwise. ii. it might or might not make an economic profit depending on how many other competitors also are rent seeking. iii. it necessarily incurs an economic loss. A) i only B) ii only C) iii only D) i and ii E) i and iii
All of the following are necessary criteria for a commodity to function as money EXCEPT
A) it must deteriorate quickly. B) it must be divisible. C) it must be easy to carry. D) it must be widely accepted.