Considered Alone,an Index of Frequency Is Always Meaningful

question 92

True/False

Considered alone,an index of frequency is always meaningful.

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Definitions:

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.