Which of the following statements is incorrect? Select one: a. A firm\'s total e

Question

Which of the following statements is incorrect? Select one: a. A firm's total economic cost is at least as large as the firm's total accounting cost. b. A firm's total economic cost includes both explicit cost and implicit cost of the firm. c. A firm's implicit cost is the opportunity cost of non-purchased inputs. d. A firm's total accounting cost is at least as large as the firm's implicit cost. Which of the following statements is incorrect? Select one: a. A firm's total economic cost is at least as large as the firm's total accounting cost. b. A firm's total economic cost includes both explicit cost and implicit cost of the firm. c. A firm's implicit cost is the opportunity cost of non-purchased inputs. d. A firm's total accounting cost is at least as large as the firm's implicit cost. Select one: a. A firm's total economic cost is at least as large as the firm's total accounting cost. b. A firm's total economic cost includes both explicit cost and implicit cost of the firm. c. A firm's implicit cost is the opportunity cost of non-purchased inputs. d. A firm's total accounting cost is at least as large as the firm's implicit cost. a. A firm's total economic cost is at least as large as the firm's total accounting cost. b. A firm's total economic cost includes both explicit cost and implicit cost of the firm. c. A firm's implicit cost is the opportunity cost of non-purchased inputs. d. A firm's total accounting cost is at least as large as the firm's implicit cost.

Explanation / Answer

d. A firm's total accounting cost is at least as large as the firm's implicit cost. d. A firm's total accounting cost is at least as large as the firm's implicit cost. d. A firm's total accounting cost is at least as large as the firm's implicit cost. d. A firm's total accounting cost is at least as large as the firm's implicit cost.

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