Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual expenses paid by the firm for its inputs. opportunity costs of self-employed resources.

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: If a higher level of production allows workers to specialize in particular tasks, a firm will likely…

A: Economies of scale refers to the cost advantage of the producers that they earn on the output due to…

Q: A firm faces the following costs: total cost of capital = $4,000; price paid for labor = $20 per…

A: Given : Total fixed cost = $4000 Price paid for labour= $20 per unit  price paid for raw materials=…

Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…

A: Economic profit= total revenue- total cost

Q: If a person starts their own business, one implicit cost is the loss of a steady salary from leaving…

A: This statement is True Implicit cost is the opportunity cost of the foregone alternative which is…

Q: Refer to the graph shown above. Based on the information illustrated in the graph, which of the…

A: Answer - Need to find- Correct option - Given in the question-

Q: Explain the difference between implicit and explicit costs. Give two examples of when an explicit…

A: Note : Since multiple questions have been  uploaded , only the first question shall be answered at a…

Q: Costs which increase with an increase in output are called________________ Costs which do not…

A: There are two main components of the total cost(TC) that a firm incurs. One is the variable cost(VC)…

Q: A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and…

A: Cost of production: These are the expenses faced by a firm for producing goods and services.

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Companies benefit from economies of scale when their production gets more efficient. Economies of…

Q: Which of the following would be exhibited if a doubling of output can be achieved without doubling…

A: The change in the output produced when the inputs are changed by a particular proportion is known as…

Q: The long run is a period of time, or a time frame, in which        all resources are fixed.…

A: A long run in the economics is the time when the manufacturers and producers have the flexibility of…

Q: Evaluate the view that the main goal of firms will always be cost minimization.  You are interested…

A: 1) The main goal of the firm is cost minimization. This is because if the firm minimises the cost,…

Q: Which factor of production is almost never included in a firm's fixed costs? Land Labor Capital All…

A: Land, labor, and capital are considered factors of production.

Q: Fixed costs are best defined as costs that do not vary with output. the amount that one more unit of…

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: According to Accountants cost of production consists of both explicit and implicit cost ………………. a)…

A: (b) - False

Q: A firm doubles the quantity of all resources it employs and, as a result, output doubles. Which of…

A: By doubling the inputs that are employed in producing the good, will not increase the variable cost…

Q: Diseconomies of scale occur mainly because

A: Diseconomies of scale is associated with the increasing cost per unit with increase in the scale of…

Q: Using organization's existing under-utilized resources or capabilities (technologies, distribution…

A: The organization's existing under utilised resources  or capabilities result in the efficient…

Q: Which of the following results from bureaucratic red tape, breakdown of top-to-bottom communication,…

A: The Diseconomies of scale are the consequence that occurs because of bureaucratic red tape,…

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…

A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…

Q: Which of the following is wrong? Select one: a. Economies of scale refer to the production of two or…

A: Long run average cost curve is locus of minimum point of the short run average cost curve.

Q: Q45 When a factory is operating at the level of output where its short-run average total cost is at…

A: Short-run average expense (SRATC/SRAC) approaches average fixed expenses in addition to average…

Q: Which of the following sources of low costs is most popular? Group of answer choices   Economies of…

A: Cost is minimized when large output can be produced with limited resources and available technology.…

Q: Minimum efficient scale for production of a good or service: Select correct one : a) is the point…

A: Answer: option c (is the rate of output at which long-run average costs reach a minimum)…

Q: 3. What are the differences between the internal and external economies of scale?

A: When it increases its level of output, it often experiences some cost advantage, referred to as…

Q: The inputs that a manager uses to alter production are referred to as: variable factors. long-run…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If a paper mill shuts down its operations for three months so that it produces nothing, its will be…

A: Variable cost Variable expenses are volume-related and alter as production levels change. Raw…

Q: A firm faces the following costs: total cost of capital = $4,000; price paid for labor = $20 per…

A: Total cost before improvement = 4000 + (20*200) + (500*8) = 4000 + 4000 + 4000 = $ 12000

Q: Which of the following is a typical example of a variable cost of production in a business firm?  A.…

A: Variable Cost is that cost which keeps on changing with the change in the level of output.

Q: Which of the following statements about direct and indirect costs is/are likely to be true? Note:…

A:

Q: The feature that distinguishes short-run from the long-run is the*

A:

Q: Distinguish between short-run and long-run production decisions and illustrate their impact on costs…

A: Average cost is total cost divided by total production while marginal cost is the change in total…

Q: Why would labor be treated as a variable cost? Question 24 options: they are costs…

A: Variable cost is that cost which changes when the output level changes. It depends on the quantity…

Q: The short run is the time frame A) during which the quantities of all resources are fixed. B) during…

A: Production takes place in the short run while all planning is done in the long run.

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Economies of scale:- Economies of scale can be explained as the cost advantages that businesses gain…

Q: The cost that cannot be recovered if a firm goes out of business is known as __________. a. Cost of…

A: If a firm goes out of business then some of the costs can not be recovered such as Advertising…

Q: Question 21.21.   Which would be an implicit cost for a firm?  The cost  of worker wages and…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Variable costs are         sunk costs.        costs that change every day.        costs that change…

A: Costs are the expenses that a firm has to incur in the production of goods and services.

Q: Q.1.16 The vertical distance between the average total cost curve and the average variable cost…

A: Note: As per the guidelines, we are supposed to answer only one question when multiple questions are…

Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…

A: Cost can be of two types, explicit cost and implicit cost.