In Defining Economic Costs,economists Emphasize

question 26

Multiple Choice

In defining economic costs,economists emphasize

• A)Explicit and implicit costs while accountants recognize only implicit costs.
• B)Explicit and implicit costs while accountants recognize only explicit costs.
• C)Only explicit costs while accountants recognize only implicit costs.

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Definitions:

Dependent Variable

The variable in an experiment or study that is expected to change in response to changes in the independent variable.

Variables

Elements, characteristics, or conditions that can change or vary in a data set or experiment.

Pie Chart

A round chart that is separated into segments to show numerical relationships.

Omitted Variables

Factors not included in a model that could influence its outcome or the relationship between variables studied.