st: True or False Questions, tick$-$mark your choice:

Explicit cost reflects the opportunity costs of using any resources the medical firm owns.

Implicit cost reflects any costs paid to others for used their resources in producing health care services.

Accountants consider only explicit costs of doing business when determining the accountant profits in health care firm.

Accountants consider only explicit costs of doing business when determining the economic profits in health care firm.

Economists consider only explicit costs of doing business when determining the economic profits in health care firm.

Economists consider both explicit and implicit costs of doing business when determining the economic profits in health care firm.

Economists consider both explicit and implicit costs of doing business when determining the accountant $n$ profits in health care firm.

Explicit costs are easily quantified because a recent transaction is available to determine the cost of using resources In health care production.

Implicit costs are easily quantified because a recent transaction is not available to determine the cost of using resources In health care production

Implicit cost equal the forgone rental payments reflect the opportunity costs of using the physical assets owned by the health care firm.

A general practitioner $($GP$)$ who own the physical assets $($ such as the clinic and medical equipments $)$ used in producing physicians services Is an example to explicit cost.

Electricty utility bills are Explicit costs in health care firm.