Q. To the economist, total cost includes
A) implicit, but not explicit, costs.
B) neither implicit nor explicit costs.
C) explicit and implicit costs.
D) explicit, but not implicit, cost.
✔ Correct Answer: explicit and implicit costs.
Exam Insight
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A) implicit, but not explicit, costs.
B) neither implicit nor explicit costs.
C) explicit and implicit costs.
D) explicit, but not implicit, cost.
✔ Correct Answer: explicit and implicit costs.
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