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:

Express Warranties

Are explicit, confirmed promises made by a seller to a buyer about the condition or quality of a product or service.

Implied Warranty

a legal assumption that a product or service sold will meet certain quality and functionality standards even if not explicitly stated.

Merchantability

A guarantee that a product sold meets certain quality standards and is fit for the ordinary purposes for which such goods are used.

UCC

The Uniform Commercial Code represents a collection of statutes offering legal guidelines and regulations for commercial or business activities and transactions within the United States.