An Example of an Opportunity Cost That Is Also an Implicit

question 11

Multiple Choice

An example of an opportunity cost that is also an implicit cost is

• A)a lease payment.
• B)the cost of raw materials.
• C)the value of the business owner's time.
• D)All of the above are correct.

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Definitions:

Housing

The structures or accommodations in which people live, including houses, apartments, and other residential units.

Producer Price Index

An economic indicator that measures the average change over time in the selling prices received by domestic producers for their output.

Basket Of Goods

A fixed set of consumer products and services valued on a regular basis for the purpose of tracking inflation through the consumer price index (CPI).

Firms

Businesses or economic entities engaged in commercial, industrial, or professional activities.