Witrynaa. includes both explicit and implicit costs b. includes explicit costs only c. includes implicit costs only A. Explicit costs are opportunity costs of a firms resources that take the form of cash payments, for example, rent, mortgage, supplies, utilities, raw materials etc. Implicit costs are a firms opportunity cost of using its own resources ... WitrynaEconomic costs are the sum of _____ and _____. 1.Explicit costs; implicit costs, 2.Implicit costs; explicit costs, 3.Increases; increases, 4.None of these

Implicit vs. Explicit Costs: What

Witryna10 maj 2015 · Implicit cost=business profit minus economic profit. Upvote (1) Downvote Reply ( 0) Report. by Ayoub Tartir , PMP, GWCPgM, CISA, CISSP, CAP, CSSLP, … WitrynaEconomic costs are the sum of _____ and _____. 1.Explicit costs; implicit costs, 2.Implicit costs; explicit costs, 3.Increases; increases, 4.None of these how can i prevent getting pregnant

Quiz & Worksheet - Implicit Costs Study.com

Witrynaexplicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of: A) $500,000 and an economic profit of … WitrynaMCQs on the Cost Concept The idea of cost is the financial value of materials, resources, risks, time, and energy required to purchase products and services. ... Answer: (c) implicit cost. Explanation: An implicit expense is any expense that has already been incurred but has not been declared an independent expenditure. It is an … how can i prevent constipation