Economists Include Both Explicit and Implicit Costs While Accountants Include

question 182

True/False

Economists include both explicit and implicit costs while accountants include only implicit costs.
​

---

Definitions:

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, intended to prevent prices from falling too low.

Market Price

The actual selling price of a good or service in the marketplace, determined by supply and demand dynamics at any given time.

Rent Controls

Government-imposed maximums on the rent that landlords can charge tenants.

Price Ceiling

A legally imposed maximum price on a good or service, usually set below the equilibrium price to keep the goods affordable for consumers.