All other things constant, higher implicit cost results in lower accounting profit.
Correct Answer:
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Q3: Explicit costs are
A)not part of opportunity cost
B)the
Q4: If all my savings are invested in
Q5: The reason economists assume that firms try
Q6: If Ripco owns the building where it
Q7: John moved his office from a building
Q9: If a firm's economic profit is positive,
Q10: The difference between a firm's total revenue
Q11: Unlike implicit costs, explicit costs
A)reflect opportunity costs
B)include
Q12: Two friends, Diane and Sam, own and
Q13: Which of the following are implicit costs
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