To the economist, total cost includes:
A. explicit and implicit costs.
B. neither implicit nor explicit costs.
C. implicit, but not explicit, costs.
D. explicit, but not implicit, costs.
Answer: A
You might also like to view...
Which of the following is false? a. When demand is elastic, quantity and total revenue change in the same direction along it. b. When demand is inelastic, quantity and total revenue change in the opposite direction along it. c. When supply is elastic, quantity and total revenue change in the same direction along it
d. When supply is inelastic, quantity and total revenue change in the opposite direction along it.
The interaction of buyers and sellers determines market ______ and ______ through the forces of supply and demand.
a. regulations; outputs b. prices; outputs c. prices; tariffs d. regulations; tariffs
The highest fifth of all families receive approximately ________ of the distribution of annual money income among families
a. 5 percent b. 10 percent c. 25 percent d. 50 percent
The estimated demand for a good X is 
= 70 - 3.5P - 0.6M + 4PZ, where 
= units of the good, P = price of the good, M = income, and PZ = price of related good Z. All parameter estimates are statistically significant. Which of the following statements is correct?
A. X is a normal good. B. X is an inferior good. C. X and Z are substitutes. D. X and Z are complements. E. both b and c