Implicit costs are:

Related MCQs

• Suppose that a firm produces 200,000 units a year and sells them all for Rs.10 each. The explicit costs of production are Rs.1,500,000 and the implicit costs of production are Rs. 300,000. The firm has an accounting profit of:
• With fixed costs of Rs. 400, a firm has average total costs of Rs. 3 and average variable costs of Rs. 2.50. Its output is:
• Marginal costs and average variable costs are equal when
• Which would be an implicit cost for a firm? The cost:
• If a firm's revenues just cover all its opportunity costs, then:
• Variable costs are:
• If the short-run average variable costs of production for a firm are rising, then this indicates that:
• Costs incurred only when production occurs are known as:
• If average variable costs fall as output grows:
• In economic theory the costs of a firm