Generally, if you were to hire an accountant to assist you in an economic decision you were considering, the accountant would use only _____ costs in her analysis. A. implicit opportunity B. economic C. explicit financial D. variable
Added by Adriana B.
Step 1
They represent the value of the next best alternative that is forgone when making a decision. Show more…
Show all steps
Your feedback will help us improve your experience
Jennifer Stoner and 61 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
'Which of the following costs would not be included in A accounting financial statements? opportunity costs B. sunk costs C historical costs D. All of the above would be included in accounting financial statements'
Jennifer S.
(1) Economic profit is defined as the difference between revenue and......... (a) economic cost (b) implicit cost (c) Explicit cost (d) otal economic cost
Chandra J.
The cost which a firm incurs for purchasing or hiring factors is called A. Implicit B. Explicit C. Real D. Nominal
Shalini T.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD