Multiple Choice
Which of the following statements is false?
A) Money must change hands before a cost can be incurred.
B) No monetary payment takes place when an implicit cost is incurred.
C) Costs may be either explicit costs or implicit costs.
D) Cost implies that a sacrifice has been made.
Correct Answer:
Verified
Correct Answer:
Verified
Q184: If a firm earns normal profit, then
Q185: Unit cost refers to<br>A)average variable cost.<br>B)average fixed
Q186: Exhibit 21-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-1
Q187: Which of the following statements is false?<br>A)Since
Q188: As the marginal physical product of labor
Q190: A fixed input is an input whose
Q191: Exhibit 21-2<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-2
Q192: Exhibit 21-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-1
Q193: Accounting profit is always greater than or
Q194: One of the reasons why economies of