In Determining a Firm's Costs, Accountants Include _____ Costs, and Economists

question 1

Multiple Choice

In determining a firm's costs, accountants include _____ costs, and economists include _____ costs.

• A) implicit; no implicit
• B) implicit; no explicit
• C) implicit and explicit; no implicit
• D) explicit; implicit and explicit

---

Definitions:

Sales Commissions

Payments made to sales personnel or agents, usually calculated as a percentage of the sales they directly generate.

Marketing Manager

A professional role responsible for developing, implementing, and overseeing marketing strategies and campaigns to promote a company's products or services.

Monthly Sales

The total revenue generated from goods or services sold by a business within a month.

Variable Expenses

Costs that change in proportion to the activity of a business.