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bmh12e bmh12e
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2 months ago

Which of the following statements is true?



▸

Costs are always explicit, never implicit.



▸

Costs are always implicit, never explicit.



▸

George runs a stationery shop; he paid Frank $5,000 for the carpet he installed in the shop. The $5,000 for carpet is an implicit cost.



▸

An implicit cost is a cost that represents the value of resources used in production for which no actual monetary payment is made.



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
Author:
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chanelfargesenchanelfargesen
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An implicit cost is a cost that represents the value of resources used in production for which no actual monetary payment is made.
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