Costs That Are Included in the Economic Concept of Cost

question 71

Essay

Costs that are included in the economic concept of cost but that are not explicit costs are:
A.outlay costs.
B.accounting profits.
C.implicit costs.
D.economic profits.

Define key terms in service marketing, such as empowerment, the zone of tolerance, procedural fairness, and service recovery.

Recognize the challenges associated with the inseparability, perishability, and variability (heterogeneity) of services.

Analyze service delivery strategies to enhance customer satisfaction and competitive advantage.

Understand the fundamental concepts and terminologies related to engine performance diagnostics.

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Definitions:

Logrolling

A practice in politics where legislators exchange support or votes on issues of mutual interest, often without considering the issues' merit.

Economic Efficiency

An optimal distribution of resources in an economy, where no one can be made better off without making someone else worse off.

Marginal Cost

Marginal cost is the cost incurred by producing one additional unit of a good or service, reflecting changes in variable cost.

Minimum Acceptable Price

The lowest price at which a seller is willing to sell a product or service, often covering at least the costs of production.