When an Economist Uses the Term "Cost" Referring to a Firm,the

question 28

Multiple Choice

When an economist uses the term "cost" referring to a firm,the economist refers to the

• A) price of the good to the consumer.
• B) explicit cost of producing a good or service but not the implicit cost of producing a good or service.
• C) implicit cost of producing a good or service but not the explicit cost of producing a good or service.
• D) opportunity cost of producing a good or service, which includes both implicit and explicit cost.
• E) cost that can be actually verified and measured.

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Definitions:

Phobias

An irrational and overwhelming fear of specific objects, activities, or situations that poses little to no actual danger.

Accepted

Widely recognized or approved; often refers to ideas, methods, or practices that have gained general acceptance within a community or field.

Disgust Sensitivity

The degree to which an individual is susceptible to feeling disgust in response to various stimuli.

Specific Phobia

An intense, irrational fear of or aversion to a specific object or situation that poses little to no actual danger, yet causes avoidance behavior and significant distress.