Virginia Tech ECON ECON 2005 Explain which cost industry is represented in the graph below? (1…
4. Why do perfectly competitive firms have to charge the equilibrium price? (1 point)
5. Explicit costs are out-of-pocket costs, such as expenses on labor, raw materials, and rent. (T/F) Explain your choice. (1 point)
6. Implicit costs are costs a business incurs without actually spending money. (T/F) Explain your choice. (1 point)
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