Which of the following statements is false?
A)An implicit cost is a nonmonetary opportunity cost.
B)Economic costs include both accounting costs and implicit costs.
C)An explicit cost is a cost that involves spending money.
D)Economists consider all costs to be implicit costs.

Question

Quizplus · Accepted Answer

Economists consider both explicit costs (costs that involve spending money) and implicit costs (non-monetary opportunity costs). Statement D is false as it implies that economists only consider implicit costs.

Which of the Following Statements Is False