Explicit costs are payments the firm makes fora) outputs such as desks for its employees, whereas implicit costs are expenditure costs that occur for services such as travel expenses for its employees. b) inputs such as wages and salaries to its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income. c) inputs such as wages and salaries to its employees, whereas implicit costs are expenditure costs that occur for services such as travel expenses for its employees. d) outputs such as desks for its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income.

Goods and services that can be used for the same purpose are and goods and services that are used together are

Afreelance​ singer-songwriter is planning the restoration of a recently purchased civil​ war-era farmhouse. while he professes an enjoyment​ of, and talent in the construction​ trades, the theory of comparative advantage implies that a. the value of what he imports​ (in this​ case, professional contractor​ services) must equal the value of what he exports​ (songs). b. he should concentrate on the restoration work since his​ out-of-pocket costs will be much lower than if he hires professionals. c. ​self-sufficiency is​ advantageous, hence he should split his time between music and construction. d. the income lost while away from music will likely exceed the savings realized by doing the work​ himself, thus, he should hire professionals to do the restoration work. e. he ought to do as much of the work himself as possible since imports​ (in this​ case, professional contractor​ services) should always be restricted to those things that cannot be done internall

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes