An implicit cost is a. any cost a firm cannot avoid in the short ...

[burton19126]

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

[firehawk60]

Answer to Question 1

C

Answer to Question 2

D

[burton19126]

YES! Correct, THANKS for helping me on my review

[kilada]

Thanks for the timely response, appreciate it