Which of the Following Statements Is Correct

question 99

Multiple Choice

Which of the following statements is correct?

• A)Opportunity costs equal explicit minus implicit costs.
• B)Economists consider opportunity costs to be included in a firm's total revenues.
• C)Economists consider opportunity costs to be included in a firm's costs of production.
• D)All of the above are correct.

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Definitions:

Market Value

Market value determines an item's current selling price in the marketplace, taking into consideration supply and demand factors.

Inventory Value

The total cost or market value of all the goods and materials held by a company intended for sale.

Beginning Inventory

The total value of a company's inventory at the start of an accounting period.

Net Sales

The amount of sales generated by a company after deductions for returns, allowances for damaged or missing goods, and discounts.