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which of the following is true of economic costs?multiple choice question.economic costs are defined as the sum of all explicit costs.economic costs are defined as the sum of all implicit costs.economic costs are defined as the difference between explicit costs and implicit costs.economic costs are defined as the sum of explicit and implicit costs.

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rafikiedu08

Economic costs are defined as the sum of explicit and implicit costs. So, the correct answer is option d.

What Is Economic Cost?

  • Economics uses a wide variety of cost definitions. The explicit cost, also known as the accounting cost, is the price that someone pays when they purchase a candy bar at a store for $1.
  • However, because they bought a candy bar with their money, they are unable to buy a drink with that same dollar. This is thought of as an opportunity cost.
  • Opportunity cost is the value lost from not buying something else. Opportunity cost might encompass time, effort, and other factors in addition to merely numbers.
  • The opportunity cost of an hour spent playing a video game is an hour that could have been spent reading a book or engaging in any other activity.

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