ECON 2150 CHP 7 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION
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Course
ECON 2105
Institution
ECON 2105
Quiz: Explicit costs
Ans: Costs that involve a direct monetary outlay. (airline's expenditures on
fuel and salaries)
Quiz: Implicit costs
Ans: Costs that do not involve outlays of cash. (income it forgoes by not
leasing its jets)
Quiz: opportunity cost
Ans: the value of a resource in its b...
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