Which of the Following Statements Is True

question 248

Multiple Choice

Which of the following statements is true?

• A)An explicit cost is an actual cost; an implicit cost is a theoretical cost.
• B)Economic costs include both explicit costs and implicit costs.
• C)An explicit cost is more important, dollar for dollar, than an implicit cost.
• D)Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs.