QUESTION 2Match each of the following terms and descriptionsExplicit CostA. the opportunity cost of being self-employedB. the time frame where all inputs varyC. the time frame where some inputs varyImplicit CostLong RunD. the cost for payments to resourcesShort Run>>

There are two type of cost- implicit cost and explicit cost. Explicit cost includes payment of money…

Answered: QUESTION 2 Match each of the following…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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QUESTION 2 Match each of the following terms and descriptions Explicit Cost A. the opportunity cost of being self-employed B. the time frame where all inputs vary v Implicit Cost Long Run C. the time frame where some inputs vary D. the cost for payments to resources Short Run