Examlex
According to a popular etymology, Prometheus' name means "_______."
Explicit Costs
Payments by a firm to purchase the services of productive resources.
Implicit Costs
The opportunity costs associated with a firm’s use of resources that it owns. These costs do not involve a direct money payment. Examples include wage income and interest forgone by the owner of a firm who also provides labor services and equity capital to the firm.
Total Cost
The complete amount of money required for the production of a specific quantity of goods or services, including both fixed and variable costs.
Average Total Cost
The total cost divided by the quantity produced, representing the per-unit cost of production.
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