Which of the Following Statements About Implicit Costs Is True

question 113

Multiple Choice

Which of the following statements about implicit costs is true?

• A)They are always fixed.
• B)They measure the forgone opportunities of the firm's owners.
• C)They exceed explicit costs.
• D)They do not enter into the calculation of economic profit.

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Definitions:

Niacin

A vitamin (B3) necessary for healthy skin, nerves, and digestion; also helps convert food to energy.

Thiamine

A water-soluble B-vitamin (Vitamin B1) essential for glucose metabolism and the functioning of the nervous system.

Riboflavin

A B-vitamin (B2) that is essential for body growth, red blood cell production, and energy release from carbohydrates.

Pyridoxine

Another name for Vitamin B6, a water-soluble vitamin important for normal brain development and for keeping the nervous and immune systems healthy.