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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.

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Definitions:

Empathy

The ability to understand and share the feelings of another, putting oneself in someone else's shoes emotionally.

Reading Skills

The abilities involving the decoding of written symbols into meaningful language, comprehension, and interpretation of text.

Momentary Physical Interaction

A brief, physical contact or encounter between individuals or objects.

Egoistic

Pertaining to or thinking only of oneself, without regard for the feelings or desires of others; self-centered.

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