Which of the Following Is an Example of an Implicit

question 29

Multiple Choice

Which of the following is an example of an implicit cost for a firm?

• A)the value of time worked by the owner.
• B)any wages and salaries paid to employed.
• C)forgone rent on property owned by firm.
• D)both a and c
• E)all of the above

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Definitions:

Common Law

A body of law based on judicial decisions and precedents, rather than statutes, applicable in jurisdictions that follow the English legal tradition.

Technical Title

The formal ownership of property, often documented and recognized by law, regardless of the actual use or possession.

Risk of Loss

Pertains to the legal responsibility for the loss or damage of goods during a transaction, typically determined by the terms of the sale or agreement.

Mixed Goods-Services

Transactions that involve a combination of tangible goods and services, which may complicate the application of laws meant for purely goods or service transactions.