The Implicit Cost Incurred by a Firm to Use Its

question 380

Multiple Choice

The implicit cost incurred by a firm to use its resources to produce its output is the firm's

• A) total cost.
• B) explicit cost.
• C) opportunity cost.
• D) accounting cost.

---

Definitions:

Trusts And Monopolies

Economic arrangements or corporations that hold a dominant position or exclusive control over a market or industry, often leading to reduced competition.

Economic Depression

A prolonged period of significant decline in economic activity across a broad spectrum of the economy, marked by high unemployment and low production and consumption.

National Legislation

National legislation refers to laws and regulations enacted by a country's legislative body that apply throughout the entire nation, governing matters of national concern such as defense, economy, and civil rights.

Agricultural South

Refers to the region in the United States where agriculture, particularly the cultivation of crops like cotton and tobacco, was the dominant economic activity, especially in the period before the Civil War.