When a firm uses resources to produce a particular output, the implicit cost of alternative outputs that could have been produced represent the: a) total accounting cost of using the resources. b) opportunity cost of using the resources. c) explicit cost of using the resources. d) production cost of using the resources

When a firm uses resources to produce a particular output, the implicit cost of alternative outputs that could have been produced represent the: a) total accounting cost of using the resources. b) opportunity cost of using the resources. c) explicit cost of using the resources. d) production cost of using the resources

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22: Supply: The Costs Of Doing Business

Section: Chapter Questions

Problem 16E

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