An example of an explicit cost would be the wages that a business owner pays her employees.
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Q8: The economic field of industrial organization examines
Q9: Although economists and accountants treat many costs
Q10: Economists and accountants usually disagree on the
Q11: Accountants often ignore implicit costs.
Q12: Anna borrows $5,000 from a bank and
Q14: Diminishing marginal product exists when the total
Q15: Accountants keep track of the money that
Q16: When economists speak of a firm's costs,
Q17: An example of an explicit cost for
Q18: Economic profit is greater than or equal
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