An example of an implicit cost to a firm of producing a good or service is:...
An example of an implicit cost to a firm of producing a good or service is:
-
labor costs.
-
the cost of operating production machinery.
-
the cost of renting or buying land for a production site.
-
None of the options.
-
the foregone profit associated with producing a different good or service.
Homework Answers
The implicit costs are the opportunity costs which represents the forgone costs the firm might have incurred using the alternative course of action
- The forgone profit associated with producing a different good or service
option(E)
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An example of an implicit cost to a firm of producing a good or
service is:...
1. The Accounting cost of a good includes the [ Select ] ["monetary value", "implicit costs",...
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
The choices listed below involve costs to the firm. For which is the implicit cost potentially...
The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: o a. the services of hired workers O b. the purchase of raw materials used in production O c. the use of rented land O d. the use of firm-owned assets O e, the interest paid on borrowed money The choices listed below involve costs to the firm. For which is the implicit cost potentially different than...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve outlays of cash are less than implicit costs 2. Opportunity costs can vary from person to person and ______________________. can be calculated easily most of the time can even be different for the same person at different points in time are always known and predictable represent explicit costs only 3. An example of an implicit cost would be ______. transportation expenses salaries rental costs...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid to owners who work for the firm Interest on money borrowed to finance equipment purchases • cash payment for raw materials • foregone rent on office space owned and used by the firm QUESTION 45 When a firm's only variable input is labor, then the slope of the production function measures the • quantity of labor • quantity of output total cost • marginal...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated...
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated with a one unit increase in labor incremental profit associated with a one unit increase in labor increases in labor necessary to generate a one-unit increase in output increases in output obtained from a one unit increase in labor QUESTION 42 The difference between accounting profit and economic profit relates to the manner in which revenues are defined how total revenue is calculated the...
What would be an example of an implicit cost of production? O the cost of lost...
What would be an example of an implicit cost of production? O the cost of lost income a student could have earned had they not gone to university the cost of raw materials for producing bread in a bakery the cost of a delivery truck in a business that rarely makes deliveries the cost of employee training programs What is a result of a natural monopoly? Society would be better off if antitrust laws were used to create many different...
A change in price of a good or service typically causes ________________ for that specific good...
A change in price of a good or service typically causes ________________ for that specific good or service. a.a decreased demand b.a change along the supply curve c.no change d.the supply curve to shift Why would labor be treated as a variable cost? a.they are costs incurred in the act of producing that will decrease with quantity produced b.labor costs are an input cost that firms are unable to change in the short run c.they are made before production starts...
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in...
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true? Check all that apply. New firms have an incentive to enter the market. The market is resource allocatively effident. Mice (P) - marginal cost (MC) - minimum average total cost (ATC). The firms in this market are earning positive profit.
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: o a. the services of hired workers O b. the purchase of raw materials used in production O c. the use of rented land O d. the use of firm-owned assets O e, the interest paid on borrowed money The choices listed below involve costs to the firm. For which is the implicit cost potentially different than...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid to owners who work for the firm Interest on money borrowed to finance equipment purchases • cash payment for raw materials • foregone rent on office space owned and used by the firm QUESTION 45 When a firm's only variable input is labor, then the slope of the production function measures the • quantity of labor • quantity of output total cost • marginal...
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated with a one unit increase in labor incremental profit associated with a one unit increase in labor increases in labor necessary to generate a one-unit increase in output increases in output obtained from a one unit increase in labor QUESTION 42 The difference between accounting profit and economic profit relates to the manner in which revenues are defined how total revenue is calculated the...
What would be an example of an implicit cost of production? O the cost of lost income a student could have earned had they not gone to university the cost of raw materials for producing bread in a bakery the cost of a delivery truck in a business that rarely makes deliveries the cost of employee training programs What is a result of a natural monopoly? Society would be better off if antitrust laws were used to create many different...
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true? Check all that apply. New firms have an incentive to enter the market. The market is resource allocatively effident. Mice (P) - marginal cost (MC) - minimum average total cost (ATC). The firms in this market are earning positive profit.
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