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By @2hmedia

Mastering Explicit and Implicit Costs

Created by InspiringLogic

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Questions and Answers

Which of the following is an example of an explicit cost?

Prices of materials

Which of the following is an example of an implicit cost?

Salary of the proprietor

What is the formula for calculating economic profit?

Total Revenue - Economic Cost

Which of the following is an example of a short run?

<p>That period of time during which at least one factor of production must remain fixed, e.g. capital</p> Signup and view all the answers

What is the difference between short run and long run?

<p>Short run is a period of time in which it is possible to vary output by varying all factors of production within the given state of technology, while long run is a period of time during which factors of production can be varied to the fullest extent</p> Signup and view all the answers