When an Economist Uses the Term "Cost" Referring to a Firm,the

question 28

Multiple Choice

When an economist uses the term "cost" referring to a firm,the economist refers to the

• A) price of the good to the consumer.
• B) explicit cost of producing a good or service but not the implicit cost of producing a good or service.
• C) implicit cost of producing a good or service but not the explicit cost of producing a good or service.
• D) opportunity cost of producing a good or service, which includes both implicit and explicit cost.
• E) cost that can be actually verified and measured.

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Definitions:

Overregularization

A linguistic phenomenon in language development where children apply regular grammatical patterns to irregular words, like saying "goed" instead of "went".

Vocabulary

The set of words known and used by a person or group within a particular language.

Months

Units of time, typically used to measure periods within a year, based on the Earth's orbit around the Sun.

Spatial Abilities

The ability to comprehend, think logically about, and recall the spatial relationships between objects or areas.