Which of the Following Statements Is False

question 177

Multiple Choice

Which of the following statements is false?

• A)An implicit cost is a nonmonetary opportunity cost.
• B)Economic costs include both accounting costs and implicit costs.
• C)An explicit cost is a cost that involves spending money.
• D)Economists consider all costs to be implicit costs.

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Definitions:

Logical Incrementalism

A business strategy approach that involves making small, deliberate steps or changes rather than large, comprehensive shifts, to gradually improve or adapt.

General Acceptance

The widespread agreement or approval by a majority within a particular group or society.

Poorly Defined

Lacking clear boundaries, descriptions, or criteria, making understanding or interpretation difficult.

Resist Change

The resistance to alter existing processes, habits, or conditions despite potential benefits or pressures.