Examlex
A weather news service either reaches its audience quickly or rapidly loses its value.Which of the following characteristics of a service does this illustrate?
Implicit Costs
These refers to the opportunity costs that are not directly paid or incurred but represent the foregone benefits from using resources in a particular way.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial success exceeding the opportunity cost of resources.
Accounting Profit
The net income for a company calculated by subtracting total expenses from total revenues according to accounting principles, not including implicit costs.
Short-run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period, considering some inputs remain fixed.
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