Expenses that do not require a monetary outlay but instead reflect the dollar value of benefits forgone are called: accounting costs. O implicit costs. explicit costs. O Accounting profits.

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 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...
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Expenses that do not require a monetary outlay but instead reflect the dollar value of benefits forgone are
called:
accounting costs.
o implicit costs.
explicit costs.
Accounting profits.
Transcribed Image Text:Expenses that do not require a monetary outlay but instead reflect the dollar value of benefits forgone are called: accounting costs. o implicit costs. explicit costs. Accounting profits.
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