A firm's opportunity cost of using resources provided by the firm's owners is called:
a. sunk costs.
b. fixed costs.
c. explicit costs.
d. implicit costs.
e. entrepreneurial costs.
Question 2
Macroeconomics is a branch of economics that studies:
a. the different costs associated with production.
b. the price and output decisions made by different industries.
c. the overall performance of the economy.
d. the role of a market in determining an efficient outcome.
e. the role of input suppliers in determining the price and quantity of output.
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