Which of the Following Are Correct Statements About Implicit and Explicit

question 79

Multiple Choice

Which of the following are correct statements about implicit and explicit costs?
i.Normal profit is an implicit cost.
ii.Economic depreciation is an explicit cost.
iii.Wages are an explicit cost.

• A) ii and iii
• B) i and iii
• C) iii only
• D) i, ii, and iii
• E) i only

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Definitions:

Bivalve

Type of mollusc with a shell composed of two valves; includes clams, oysters, and scallops.

Oyster

A type of bivalve mollusk found in marine or brackish waters, often cultivated for food or pearls.

Slug

A terrestrial mollusk with a soft, unsegmented body, typically lacking a visible shell.

Arthropods

Invertebrate animals with an exoskeleton, a segmented body, and jointed appendages, including insects, arachnids, and crustaceans.