What Do Economists Consider the True Cost of Doing Business

question 163

Multiple Choice

What do economists consider the true cost of doing business?

• A)Explicit costs.
• B)Explicit costs less implicit costs.
• C)Implicit costs.
• D)Explicit costs plus implicit costs.
• E)Explicit costs plus economic profits.

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Definitions:

Vendor

An individual or company that supplies goods or services to a business, often playing a key role in the supply chain.

Payment Methods

Various ways through which businesses or individuals can settle transactions, including cash, credit/debit cards, electronic funds transfer, and checks.

Pay Scheduled Liabilities

The process of making payments towards debts or obligations that are due according to a predetermined schedule.

Pay Employees

The process of compensating workers for their services, typically referring to issuing paychecks or direct deposit payments for wages or salaries.