The Amount of Money That a Wheat Farmer Could Have

question 465

Multiple Choice

The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is

• A)an explicit cost.
• B)an accounting cost
• C)an implicit cost.
• D)forgone accounting profit.

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Definitions:

Intelligence

The ability to acquire, understand, apply knowledge, and solve complex problems, often seen as a combination of cognitive functions.

Looks

In economics, "looks" can refer to physical appearance influencing economic outcomes, although it's not a standard economic term.

Indifference Curves

A graphical representation showing combinations of goods or services among which a consumer is indifferent, depicting equal levels of satisfaction.

Preferences

An indication of the comparative liking, desires, or tastes of consumers for one good or service over another.