Which of the following is true of economic costs?Multiple choice question.Economic costs are defined as the sum of all explicit costs.Economic costs are defined as the sum of all implicit costs.Economic costs are defined as the sum of explicit and implicit costs.Economic costs are defined as the difference between explicit costs and implicit costs.

A firm's opportunity costs of production are equal to itsGroup of answer choicesexplicit costs only.implicit costs only.explicit costs + implicit costs.explicit costs + implicit costs + total revenue.

Which of the following "equalities" is true?a. Economic profit = total revenue - accounting profit.b. Economic profit = total revenue - implicit costs - explicit costs.c. Economic profit = total revenue - explicit costs - accounting profit.d. Economic profit = opportunity costs + accounting costs.

Total cost is composed of both:Question 10Answera.Fixed costs and variable costs.b.Marginal costs and average costs.c.Explicit costs and implicit costs.d.Accounting costs and economic costs.

The costs associated with the use of resources are called:Multiple choice question.implicit costs.economic costs.explicit costs.accounting costs.

Profit computed using explicit costs as the only measure of costs is:Question 16Select one:a.explicit profit.b.accounting profit.c.implicit profit.d.economic profit.