A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment, is referred to as ________ cost

A) a minimized
B) a maximized
C) an explicit
D) an implicit
E) an invisible


D

Economics

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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap.  

A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary

Economics

A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises

A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases

Economics

A regression specification must include

A) the functional relationship between dependent and explanatory variables. B) the estimated coefficients. C) the estimated t-statistic. D) All of the above.

Economics

Externalities tend to cause markets to be

a. inefficient. b. unequal. c. unnecessary. d. overwhelmed.

Economics