Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The basic difference between explicit and implicit costs is Group of answer choices a. explicit costs are measurable, implicit costs are not. b. implicit costs

The basic difference between explicit and implicit costs is

Group of answer choices

a. explicit costs are measurable, implicit costs are not.

b. implicit costs are measurable, explicit costs are not.

c. explicit costs reflect external supplied resources, implicit costs reflect owner-supplied resources.

d. explicit costs are private costs, implicit costs are social costs.

e. explicit costs are fixed costs, implicit costs are variable costs.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Econometrics A Modern Approach

Authors: Jeffrey M. Wooldridge

4th edition

978-0324581621, 324581629, 324660545, 978-0324660548

More Books

Students also viewed these Economics questions