Economic costs of production differ from accounting costs in that Select one: a. economic costs include expenditures for hired resources while accounting costs do not. b. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. c. accounting costs include expenditures for hired resources while economic costs do not. d. accounting costs are always larger than economic costs. e. Economic costs are historical costs
Economic costs of production differ from accounting costs in that Select one: a. economic costs include expenditures for hired resources while accounting costs do not. b. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. c. accounting costs include expenditures for hired resources while economic costs do not. d. accounting costs are always larger than economic costs. e. Economic costs are historical costs
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...
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Economic costs of production differ from accounting costs in that
Select one:
a. economic costs include expenditures for hired resources while accounting costs do not.
b. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.
c. accounting costs include expenditures for hired resources while economic costs do not.
d. accounting costs are always larger than economic costs.
e. Economic costs are historical costs
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