In economic theory the costs of a firm / » Micro Economics 1 solved MCQs / By admin Question: In economic theory the costs of a firm A. Tend to be less than the everyday use of the term costs would suggest B. Includes implicit as well as explicit outlays C. Always decline as more output is produced D. Are usually defined in such a way that profits will be larger than the Answer» b. Includes implicit as well as explicit outlays Note: The above multiple-choice question is for all general and Competitive Exams in India.
