An Implicit Cost Is

question 116

Multiple Choice

An implicit cost is

• A)any cost a firm cannot avoid in the short run
• B)any expenditure a firm makes
• C)an opportunity cost
• D)accurately measured in accounting statements
• E)ignored by economists

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Definitions:

Reluctance

A hesitancy or unwillingness to take action or embark upon a specific course due to doubt or apprehension.

Evil Eye

A belief in many cultures that someone can cause misfortune or injury to another simply by looking at them with envy or ill intent.

Mystical Sources

References or origins attributed to supernatural or esoteric forces beyond the common understanding of reality.

Value Sets

Collections of guiding principles or standards of behavior that are viewed as important by individuals or groups.