ECON 528 Module 2 Quiz | Questions and Answers | 2025 Update with complete solutions - ULL.

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Started on Monday, September 9, 2024, 12:30 PM
State Finished
Completed on Monday, September 9, 2024, 12:44 PM
Time taken 14 mins 23 secs
Grade 10.00 out of 10.00 (100%)

Question 1


________

Select one:
explicit
historical
conservative
replacement

, Question 2 Back to Top
Correct 1.00 points out of 1.00


10) When an economist uses the term "cost" referring to a rm, the economist refers to the

Select one:
a. opportunity cost of producing a good or service, which includes both implicit and explicit cost.

b. explicit cost of producing a good or service but not the implicit cost of producing a good or service.

c. cost that can be actually veri ed and measured.

d. implicit cost of producing a good or service but not the explicit cost of producing a good or service.

e. price of the good to the consumer.


The correct answer is: opportunity cost of producing a good or service, which includes both implicit and explicit cost.