When an Economist Uses the Term 'Cost' Referring to a Firm

Multiple Choice

When an economist uses the term 'cost' referring to a firm, the economist refers to the

A) implicit cost of producing a good or service, but not the explicit cost of producing a good or service.
B) explicit cost of producing a good or service, but not the implicit cost of producing a good or service.
C) opportunity cost of producing a good or service, which includes both implicit and explicit cost.
D) price of the good to the consumer.
E) cost that can be actually verified and measured.