Which of the Following Statements Is Correct

question 99

Multiple Choice

Which of the following statements is correct?

• A)Opportunity costs equal explicit minus implicit costs.
• B)Economists consider opportunity costs to be included in a firm's total revenues.
• C)Economists consider opportunity costs to be included in a firm's costs of production.
• D)All of the above are correct.

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Definitions:

Volenti Non Fit Injuria

A legal doctrine stating that a person who willingly puts themselves in a position of risk cannot sue for the resulting harm.

Res Ipsa Loquitur

A Latin phrase meaning "the thing speaks for itself," used in tort law to suggest that the nature of an accident implies negligence by the defendant.

Community Ice Rink

A public facility providing an ice surface for skating, hockey, and other ice-related activities, supported and enjoyed by the local community.

Sue

The act of bringing a lawsuit against an individual or entity in a court of law for injury or damage.