Question

Input costs that require an outlay of money by the firm are called costs while input costs that do not require an outlay of money by the firm are called costs. ? total, implicit ? explicit, implicit ? explicit, marginal ? implicit, explicit

          Input costs that require an outlay of money by the firm are called ____ costs while input costs that do not require an outlay of money by the firm are called ____ costs.

? total, implicit
? explicit, implicit
? explicit, marginal
? implicit, explicit

Input costs that require an outlay of money by the firm are called costs while input costs that do not require an outlay of money by the firm are called costs.

? total, implicit
? explicit, implicit
? explicit, marginal
? implicit, explicit

Added by Pilar R.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Azat Nurmukhametov

07/01/2022

Step 1

Step 1: Explicit costs include expenses such as wages, rent, utilities, raw materials, and other direct monetary payments made by the firm for inputs. Show more…

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Input costs that require an outlay of money by the firm are called explicit costs while input costs that do not require an outlay of money by the firm are called implicit costs.