The cost of any activity measured in terms of the vaule of the next best alternative forgone is called? a. sunk cost  b. opportunity cost c. Attained cost d. fixed cost

Which of the following would be categorized as an implicit cost? a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business Ob and c only O all of the above O a only Oa and c only

As long as marginal cost is below average cost, average cost will be a. falling b. rising. c. constant. d. changing in a direction that cannot be determined without more information.

The government imposes a $1,000 one-time license fee on all pizza restaurants.  As a result, which of the following cost curves shift, and why or why not?a. Average total cost.b. Marginal Cost.c. Average Variable Cost.

Fixed cost is a. Any cost that does not vary with the quantity of output. b. The ratio of total cost to total quantity of output.  c. The market value of an asset at the end of its life less its disposal costs. d. The incremental cost of producing one more unit of output.

If the marginal cost of production is greater than the average cost, in what direction must the average cost be changing if any?   A. The average cost must be rising. B. The average cost would equal 0. C. The average cost must be falling. D. The average cost is unaffected. E. The average cost would become non-existent.

True or False The average total cost cannot equal marginal cost.

ips Under decreasing returns to scale, average cost cost curve. as the quantity produced increases. Over this range of output, the marginal cost curve is Grade It Now the average Save & Continue

Refer to the information provided in the Figure below to answer the question(s) that follow. Cost curves for Outdoor Equipment Number of sleeping bags Figure Refer to Figure. The vertical distance ABis Select one A marginal cost B average fxed cost C total fixed cost D total cost Cost per unit

Which of the following describes an implicit cost? U NO opportunity cost is involved. NO outlay of money is required. O Accountants include these costs in total costs. They are an out-of-pocket expense.