________ cost is defined as a cost of production that does not entail a direct money payment
A) An explicit
B) An implicit
C) A total
D) A fixed
E) A marginal
B
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The two basic types of government regulation are
A) regulation of natural monopolies and regulation of cartels. B) economic regulation and industry regulation. C) social regulation and labor law. D) social regulation and economic regulation.
The total utility from consuming five cups of coffee is 15, 27, 37, 46, and 54 utils, respectively. The marginal utility of the fourth cup of coffee is: a. 48. b. 54. c. 9
d. 6.
When studying how some event or policy affects a market, elasticity provides information on the
a. equity effects on the market by identifying the winners and losers. b. magnitude of the effect on the market. c. speed of adjustment of the market in response to the event or policy. d. number of market participants who are directly affected by the event or policy.
Positive statements are not
a. descriptive. b. prescriptive. c. claims about how the world is. d. made by economists speaking as scientists.