2. Economists employ the opportunity cost concept when figuring a firm's costs. Therefore, total cost includes not
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2. Economists employ the opportunity cost concept when figuring a firm's costs.
Therefore, total cost includes not only explicit (money) costs, but also implicit costs associated with the use of productive resources owned by the firm.
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Related Book For 
Economics Private And Public Choice
ISBN: 9780123110404
2nd Edition
Authors: James D Gwartney; Richard Stroup; A H Studenmund
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