Exam (elaborations)
ECON 2150 CHP 7 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION
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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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