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Home Q & A Board Other Fields Homework Help Business Economics
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jus10n jus10n
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3 years ago
When looked at on a national scale, the opportunity costs of producing a certain output are defined as

▸ explicit + implicit costs of the production.

▸ what it costs society as a whole to produce that output in terms of the best alternatives forgone.

▸ the marginal cost.

▸ what it costs a firm to produce that output in terms of the best alternatives it has forgone.
Textbook 
Essential Economics for Business

Essential Economics for Business


Edition: 5th
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h00304413h00304413
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