Relation between Implicit Costs and Opportunity costs

I have a problem in economics on Relation between Implicit Costs and Opportunity costs. Please help me in the following question. The Implicit costs are: (1) Opportunity costs. (2) Always variable costs. (3) Similar as the accounting costs. (4) Similar as the explicit costs.

What is the right answer?

View Complete Question

Related Questions in Microeconomics

Q : Effects of Moral Hazard When you pay a

When you pay a straight A student in advance to write your term-paper and that person spends money on the party and then decides not to do a fine job and hence you wind-up with an F for submitting sloppily written gibberish, you have just suffered since of: (i) Advers

Q : Liabilities for damages and penalties

Can someone please help me in finding out the accurate answer from the following question. The Caveat venditor is an ancient legal doctrine which encourages: (i) Consumer exploitation. (ii) a ‘buyers beware’ approach. (iii) Enforcement of the seller’

Q : Perfectly price inelastic and price

A vertical demand curve (when one existed) would be ____________ _____________ during its entire range when a horizontal demand curve is ____________ ____________: (w) relatively price inelastic; perfectly price inelastic (x) perfectly price elastic; perfectly price i

Q : Define production possibility curve or

Production possibility curve or PPC: PPC exhibits different combination of a pair of goods, that can be produced with the given resources and method of production, that are fully and proficiently utilized.

Q : Production function explain the

explain the properties of isoquants with diagram

Q : Problem regarding Privatization I have

I have a problem in economics on Problem regarding Privatization. Please help me in the following question. The procedure of transforming government-run production facilities into ‘for-profit’ businesses is: (i) Privatization. (ii) Cartelization. (iii) Cap

Q : Meaning of price taker To be a price

To be a price taker implies: (w) the larger firm in the industry will set the price for all other firms. (x) the entire market (industry) sets the price for all firms to take. (y) each firm takes the price as specified by the government. (z) firms tak

Q : Labor Derived Demand The faddish

The faddish popularity of Atkins and the South Beach diets both of which advice dieters to eat additional meat and to decrease the intake of starchy carbohydrates, probably decreased incomes most sharply for: (1) cattle ranchers. (2) Grocery store clerks. (3) Sushi ch

Q : Market Power-Demand for Labor I have a

I have a problem in economics on Market Power and the Demand for Labor. Please help me in the given question. The lack of competition in product market outcomes in: (1) Less labor being hired than when the markets were competitive. (2) Many labor bein

Q : Negatively sloped Demand curve When the

When the demand curve for wheat is negatively sloped, increases in its supply will: (1) Lower the equilibrium price. (2) Increase the equilibrium price. (3) Reduce the equilibrium quantity. (4) Stimulate technological modification.

Discover Q & A

Leading Solution Library

Avail More Than 1432858 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1927623
Asked

3,689

Active Tutors

1432858

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment