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Suppose a graph is drawn to show a consumer's preferences for football tickets and basketball tickets.The quantity of football tickets is measured on the horizontal axis.If the price-consumption curve is horizontal when the price of football tickets changes,then
Implicit Cost
Costs that represent the loss of potential gain from using assets in an alternative option rather than in their current use.
Implicit Costs
The opportunity costs of resources that are owned by the firm and used in production, not involving direct payment of money but affecting the firm's profitability.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
Accounting Profits
The net earnings of a company as calculated by subtracting total expenses from gross revenue, according to accepted accounting principles.
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