Multiple Choice
Which of the following is an implicit cost?
A) salaries paid to owners who work for their own firm
B) interest on money borrowed to finance equipment purchases
C) cash payments for raw materials
D) wages paid to hourly employees
E) foregone interest on money taken from bank accounts to buy equipment
Correct Answer:

Verified
Correct Answer:
Verified
Q8: Suppose that (1)LRATC is minimized at $60
Q9: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-6 shows
Q10: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-2 shows
Q11: The law of diminishing marginal returns says
Q12: The spreading of fixed costs over more
Q14: Samantha has been working for a law
Q15: In the short run,<br>A)utilization of any input
Q16: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-2 shows
Q17: Marginal product is the change in output
Q18: As a firm increases its output in