The best measure of the economic cost of doing your homework is
A) The most valuable opportunity you give up when you do your homework.
B) The amount you would have to pay to get someone else to do it.
C) The economic cost plus the accounting cost of doing the homework.
D) The tuition paid for your education plus the cost of any required textbooks.
Correct Answer:
Verified
Q1: In defining economic costs,economists emphasize
A)Explicit and implicit
Q2: Normal profit
A)Covers the full opportunity cost of
Q3: Greater-than-normal profit represents
A)Explicit costs minus implicit costs.
B)Payment
Q5: A firm that makes zero economic profits
A)Must
Q6: Economic profit is
A)Greater than accounting profit by
Q7: Economic profit is the difference between
A)Accounting profits
Q8: Explicit costs
A)Include only payments to entrepreneurship.
B)Are the
Q9: Normal profit implies that
A)Economic profit must be
Q10: Table 22.1 Q11: Implicit costs
A)Include only payments to workers and
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