Which of the following is not an explicit cost?

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Which of the following is not an explicit cost? a. salaries b. sales taxes c. the cost of utilities, such as gas and electricity d. insurance premiums e. the value of a firm owners time 1. Which of the following are implicit costs for a typical firm? a. insurance costs b. electricity costs c. opportunity costs of capital owned and used by the firm d. cost of labor hired by the firm e. the cost of raw materials 2. 3. Economic profit is defined as a. total revenue minus implicit costs b. total revenue plus explicit costs c. total revenue plus implicit costs d. wages plus interest minus rent e. total revenue minus implicit and explicit costs 4. Marginal product is defined as a. the increase in revenue that occurs when an additional unit of a resource is added b. the increase in output that occurs when all resources are increased by the same proportion the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount the amount of additional money needed to increase output by one unit when all resources are held constant c. d. e. 5. Increasing marginal returns are generally the result of a. diseconomies of scale b. increasing costs c. specialization and division of labor d. labor unions e. technology 12

Answer

(1) (e)

(2) (c)

(3) (e)

(4) (c)

(5) (c)

(6) (c)

(7) (c)

(8) (b)

(9) (d)

(10) (c)

(11) (c)

(12) (d)

(13) (c)

(14) (e)

(15) (c)

(16) (e)

(17) (c)

(18) (b)

(19) (a)

(20) (d)

(21) (a)

(22) (a)

(23) (c)

(24) (b)

(25) (b)

NOTE: First 25 questions are answered and no explanation is provided as required by student.

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