Which of the Following Would Be an Implicit Cost for a Firm

question 426

Multiple Choice

Which of the following would be an implicit cost for a firm? The cost

• A)of worker wages and salaries for the firm.
• B)paid for leasing a building for the firm.
• C)paid for production supplies for the firm.
• D)of wages forgone by the owner of the firm.

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Definitions:

Historical Approach

The method of studying phenomena by examining their development and evolution over time, often using historical records and trends.

Past Performance

Historical results achieved by an individual or organization, used as a benchmark for evaluating current capabilities.

Benchmark

is a standard or point of reference against which things may be compared or assessed.

Performance Objectives

Specific goals and targets set to evaluate the effectiveness and productivity of employees or systems within an organization.