Economic cost can best be defined as.

a. any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers.
b. those payments for resources that involve an obvious cash transaction.
c. the income the firm must provide to resource suppliers to attract resources from alternative uses.
d. the opportunity cost of using a resource already owned by the firm.

The correct answer is letter "C": the income the firm must provide to resource suppliers to attract resources from alternative uses.

Explanation:

Economic costs represent payments to suppliers a firm makes to obtain and keep the services of a given resource. Besides, economic costs consider the benefits and costs of selecting one choice over another. Then, economic costs analyze the opportunity cost of choosing one resource for production compared to others.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi