Economic Costs Are Synonymous With

question 41

Multiple Choice

Economic costs are synonymous with:

• A)accounting costs
• B)sunk costs
• C)opportunity costs
• D)implicit costs

---

Definitions:

Disclaimer of Liability

A statement that specifies or limits the extent to which a party can be held responsible for any damages or losses incurred.

Proprietor

An individual who owns and operates a business, holding sole responsibility and authority over its operations.

Notice

Formal communication or warning given in a prescribed manner by one party to another regarding actions, rights, or obligations.

Commercial Parking Lot

A parking facility designed to accommodate vehicles, typically operated for profit.