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Roberts Electronics calculates that if it produces 15 radar detectors, its costs are $1,500, and if it produces 16 radar detectors, its costs are $1,590. In this instance, $90 is the firm's ____ cost.
Economic Cost
The total cost of choosing one action over another, including both the explicit financial cost and the opportunity cost.
Hourly Wage
Compensation paid to employees based on the number of hours worked, typically expressed as an amount of money per hour.
Parking
The act of stopping and disengaging a vehicle and leaving it unoccupied.
Implicit Costs
Additional costs that do not appear on the financial statements of a company. These costs include items such as the opportunity cost of capital.
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