To the economist,total cost includes:

A) explicit and implicit costs.
B) neither implicit nor explicit costs.
C) implicit,but not explicit,costs.
D) explicit,but not implicit,costs.

If at the MC = MR output,AVC exceeds price:

A) new firms will enter this industry.
B) the firm should produce the MC = MR output and realize an economic profit.
C) some firms should shut down in the short run.
D) the firm should expand its plant.

Which of the following is most likely to be an implicit cost for Company X?

A) Forgone rent from the building owned and used by Company X.
B) Rental payments on IBM equipment.
C) Payments for raw materials purchased from Company Y.
D) Transportation costs paid to a nearby trucking firm.

One should summarize the main point of a visual before presenting the visual itself.

Which of the following is referred to as the 'fifth P' of marketing?

A) Perception.
B) Psychology.
C) Person.
D) Participation.
E) Posting.

If your message may create a hostile reaction, you should use the indirect strategy.