Accountants include ________ costs as part of a firm's costs, while economists include ________ costs.
A. explicit; no explicit
B. implicit; no implicit
C. explicit and implicit; implicit
D. explicit; explicit and implicit
Answer: D
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The M2 measure of the money supply equals
A) M1 plus savings account balances plus small-denomination time deposits. B) savings account balances plus small-denomination time deposits plus traveler's checks. C) M1 plus savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares. D) savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares.
Positive market feedback refers to a tendency for
A) potential entrants to an oligopolistic industry to respond to entry deterrence strategies by contemplating setting their prices above prices established by firms already in the industry. B) potential entrants to an oligopolistic industry to respond to entry deterrence strategies by contemplating producing more output than the quantities produced by firms already in the industry. C) a particular product to come into favor with additional consumers because other consumers have chosen to purchase the product. D) price leaders to respond to an increase in market demand by increasing the prices of their products.
In the long run, when an increase in the quantity of output decreases average total cost, this is called:
A. economies of scale. B. diseconomies of scale. C. constant economies to scale. D. minimum average total cost.
Historical data depicted on a scatter diagram show that consumer spending and disposable income
a. converge as income grows. b. generally move together. c. diverge as income grows. d. show no clear relationship.