Question

In the long run,all of the firm's costs are explicit costs; there are no implicit costs of production.the firm is more profitable than it is in the short run.the firm's fixed costs are greater than its fixed costs in the short run.all of the firm's costs are variable costs.

Answer 1

The correct answer is all of the firm's costs are variable costs. Explicit costs are tangible expenses that appear in a company’s general ledger and are used to determine profitability.

Explicit expenses generate genuine business possibilities and include material assets and financial exchanges. Explicit costs have a paper trail, making them simple to detect, document, and audit. Explicit costs include expenses for inventory, supplies, utilities, advertising, and equipment purchases. Depreciation expense is an explicit cost since it relates to the cost of the underlying asset that the company owns, even if depreciation is not an activity that can be directly traced.

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