Multiple Choice
Which of the following are correct statements about implicit and explicit costs? i. Normal profit is an implicit cost.
Ii) Economic depreciation is an explicit cost.
Iii) Wages are an explicit cost.
A) i and iii
B) ii and iii
C) i, ii and iii
D) iii only
E) i only
Correct Answer:
Verified
Correct Answer:
Verified
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