Costs of the Firm for Which Explicit Payment Has Been

question 39

Multiple Choice

Costs of the firm for which explicit payment has been made some time in the past are:

• A) opportunity costs
• B) implicit costs
• C) fixed costs
• D) historical costs
• E) variable costs

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Definitions:

Shoes

Footwear made from various materials, designed to protect and comfort the human foot while doing various activities.

Backing Plate

A component of drum brakes that holds the brake assembly together against the drum.

Axle Assembly

A central component of most vehicles' wheel systems, joining the wheels on either side and often housing gears for transmitting torque from the engine.

Drum Brake Assembly

A type of brake system that uses brake shoes pressed outwards against a rotating drum to slow or stop a vehicle.