- Study guides, Class notes & Summaries

The implicit costs of producing a good are - CORRECT ANSWERthe opportunity costs of producing the good For any type of firm in any market, the profit-maximizing quantity of some good is found when - CORRECT ANSWERmarginal costs equal marginal revenue Which of the following statements about economic profit is true? - CORRECT ANSWERIt takes into account both explicit and implicit costs Which of the following would be considered a fixed cost in the short run? - CORRECT ANSWERrent for a bui...