Solved

When Making Decisions, It Is Important to Consider Only Those

Question 61

True/False

When making decisions, it is important to consider only those costs that actually involve an explicit money outlay.This is because such costs actually have to be paid, whereas implicit costs are only notional or hypothetical.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q56: A person who is oversensitive to loss

Q57: According to the marginal decision rule, if

Q58: According to the optimal output rule, if

Q59: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1063/.jpg" alt=" (Table: Marginal Benefit

Q60: A decision maker who is irrational:<br>A.chooses an

Q65: Suppose a local floral shop has explicit

Q66: To determine the quantity of any activity

Q75: If the marginal benefit received from a

Q110: Marginal benefit:<br>A)is the subsidiary benefit from an

Q239: The _ is the amount by which