Economists Include _____ in Calculating Economic Profit

question 101

Multiple Choice

Economists include _____ in calculating economic profit.

• A) only implicit costs
• B) only explicit costs
• C) both implicit and explicit costs
• D) neither implicit nor explicit costs

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Definitions:

Amends

A process of making up for a wrong or an injury.

Primed

The state of being prepared or made ready for a specific reaction or response, often through the prior introduction of certain stimuli or ideas.

Significant Other

An individual who has great importance in the personal life of someone, influencing their feelings, thoughts, and behaviors.

Task

A piece of work to be done or undertaken, often referring to specific duties or responsibilities assigned in various contexts like work, study, or daily activities.