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.
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Definitions:

Mean

The average of a set of numbers, calculated by adding them together and dividing by the number of values.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values from the mean.

ACT Type Score

A numerical measurement that represents a student's achievement on the ACT test, which is commonly used for college admissions in the United States.

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most occurrences take place around the average, and fewer instances occur as you move away from the center.