Explicit costs
Explicit costs are those that are reflected by actual cash flows and are direct payments made to others when running a business. These include payments or costs associated with wage, rent, and materials.
The short-run total cost includes both the variable and the fixed costs associated with the production.
In calculating for accounting profit, only the explicit costs are considered. However, when calculating for economic profit, the implicit costs are also included in the calculations.
The available options are:
A) we see countries specializing completely in the production of automobiles.
B) the quality of imported automobiles is less than it could be.
C) different countries may each have a comparative advantage in producing different types of automobiles.
D) consumers of automobiles have difficulty deciding what type of imported automobile to buy.
Answer:
C) different countries may each have a comparative advantage in producing different types of automobiles.
Explanation:
According to the principle of comparative advantage, Automobiles and many other products are differentiated. As a result of "different countries may each have a comparative advantage in producing different types of automobiles."
This is evident in the fact that some countries may have a comparative advantage to produce Trucks than cars, while some may have a comparative advantage in producing caterpillar than Trucks.
This is also similar in a variety of other products. The comparative advantage could be based on raw materials, expertise, climates, etc.
Answer:
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Explanation:
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Answer:
a) bachelor’s degree then a master’s degree
Answer:
Variable cost per unit is constant.
Total fixed cost is constant.
Explanation: