객관식
The profit that a factor earns is the difference between:
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10. The Costs of Production
Revenue, Cost, and Profit
객관식
What is the difference between explicit costs and implicit costs?
A
Explicit costs are fixed payments such as rent and wages; implicit costs are variable costs such as materials and utilities.
B
Explicit costs are accounting profits while implicit costs are economic profits earned after all costs are considered.
C
Explicit costs are the opportunity costs of owner-supplied resources; implicit costs are the monetary payments made to other firms or workers.
D
Explicit costs are direct monetary payments to others for inputs; implicit costs are the opportunity costs of using owner-supplied resources that do not require a cash payment.
검증된 단계별 안내1
Step 1: Understand that explicit costs are direct, out-of-pocket payments made by a firm to purchase resources or services. These include wages, rent, materials, and utilities—essentially any cost that involves a clear monetary transaction.
Step 2: Recognize that implicit costs represent the opportunity costs of using resources that the firm already owns. These costs do not involve a direct cash payment but reflect the income the owner forgoes by using their own resources in the business instead of renting, selling, or employing them elsewhere.
Step 3: Differentiate explicit costs from implicit costs by noting that explicit costs appear in accounting records as actual expenses, while implicit costs are not recorded but are crucial for economic profit calculations.
Step 4: Remember that economic profit is calculated by subtracting both explicit and implicit costs from total revenue, whereas accounting profit subtracts only explicit costs.
Step 5: Summarize the difference: explicit costs are direct monetary payments to others for inputs, while implicit costs are the opportunity costs of owner-supplied resources that do not require a cash payment.
