Author Question: An implicit cost is a. any cost a firm cannot avoid in the short run b. any expenditure a firm ... (Read 109 times)

burton19126 · **on:** Jun 30, 2018

An implicit cost is
a. any cost a firm cannot avoid in the short run
b. any expenditure a firm makes
c. an opportunity cost
d. accurately measured in accounting statements
e. ignored by economists

Question 2

Unlike implicit costs, explicit costs
a. reflect opportunity costs
b. include the value of the owner's time
c. are not included in a firm's accounting statements
d. are actual cash payments
e. do not change as a firm's output changes