Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and salaries for the firm. paid for leasing a building for the firm. paid for production supplies for the firm. of wages foregone by the owner of the firm. Question 22.22. Economic profits are equal to total revenues minus fixed costs. total revenues minus the costs of raw materials. total revenues minus the opportunity costs of all inputs. gross profit minus selling and operating expenses. Question 23.23. The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
Question 21.21. Which would be an implicit cost for a firm? The cost
of worker wages and salaries for the firm.
paid for leasing a building for the firm.
paid for production supplies for the firm.
of wages foregone by the owner of the firm.
Question 22.22. Economic profits are equal to
total revenues minus fixed costs.
total revenues minus the costs of raw materials.
total revenues minus the
gross profit minus selling and operating expenses.
Question 23.23. The long run is a period of time, or a time frame, in which
all resources are fixed.
the level of output is fixed.
the amount of all resources can be varied.
the capacity of the production plant is fixed.
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