Which of the Following Items Is Most Likely to Be

question 129

Multiple Choice

Which of the following items is most likely to be an implicit cost of production?

• A) the "competitive rate" salary the owner of the business pays herself for services provided
• B) property taxes on a building owned by the firm
• C) rental payments for a building utilized by the company and rented from another party
• D) the interest income foregone on the equity capital invested by owners

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Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Breach

The violation or non-fulfillment of a legal agreement, duty, or contract.

Identified Goods

Goods that are designated for a specific sale or contract, making them distinguishable from the seller's or manufacturer's other goods.

Remedy

A means of legal reparation or correction provided to a party who has suffered a loss or injury.