If the demand for a product decreases and the supply of the product does not change, equilibrium price and equilibrium quantity will both increase.
Indicate whether the statement is true or false
Question 2
All of the following would be considered explicit costs of operating a business except
A) the rental value of equipment the company owns and uses for its own production.
B) advertising expenses.
C) utility expenses.
D) the cost of raw materials used in production.