Explicit costs are also known as (direct/opportunity) costs. (Choose an option from the ones given within parenthesis.)

Fill in the Blank QuestionFill in the blank question. costs, also called differential costs, are the additional costs from selecting a certain course of action.

A firm's opportunity costs of production are equal to itsGroup of answer choicesexplicit costs only.implicit costs only.explicit costs + implicit costs.explicit costs + implicit costs + total revenue.

Profit computed using explicit costs as the only measure of costs is:Question 16Select one:a.explicit profit.b.accounting profit.c.implicit profit.d.economic profit.

Which statement correctly describes a direct cost?

_____ are sometimes called overhead/indirect or unavoidable costs A. Average Costs B. Total Fixed Costs C. Total Costs D. Marginal CostsReset Selection