Explicit Costs

question 18

Multiple Choice

Explicit costs

• A) Include only payments to entrepreneurship.
• B) Are the sum of actual monetary payments made for resources used to produce a good.
• C) Include the market value of all resources used to produce a good.
• D) Are the total opportunity costs of resources used to produce a good.

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Definitions:

Implement

To put a decision, plan, strategy, or law into effect or action.

Strategy

A comprehensive plan or set of actions designed to achieve long-term goals or overall objectives, especially in business or military contexts.

Integrated

The process of combining or coordinating separate elements to work together as a unified whole, enhancing efficiency and effectiveness.

Externally-oriented

A focus or approach that prioritizes external factors, such as market trends and customer needs, over internal issues.