Explicit Costs

question 4

Multiple Choice

Explicit costs:

• A)measure the opportunity costs of the resources supplied by the firm's owners.
• B)are fixed in the short run.
• C)measure the payments made to the firm's factors of production.
• D)are variable in the short run.

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Definitions:

Scope

The extent or range of application, operation, or effectiveness of something, such as a law, policy, or concept.

Symbolize

To represent something abstract or intangible using a specific sign, mark, object, or action that conveys a particular idea or quality.

Powerful

Possessing great power, influence, or effect; capable of exerting force, authority, or having a strong impact on outcomes.

Fuel Efficient

Referring to technology or methods that use fuel in a way that maximizes energy output while minimizing waste, often associated with vehicles.