The Payment of Wages by a Firm Is an Example

question 23

Multiple Choice

The payment of wages by a firm is an example of:

• A)an explicit cost of production.
• B)an implicit cost of production.
• C)an irreversible cost of production.
• D)a long-run cost of production.

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Definitions:

Proprietary Lease

A lease agreement in a cooperative (co-op) building in which the resident is given the right to occupy a unit by holding shares in the cooperative rather than owning the unit outright.

Tenancy In Common

A form of joint ownership of property by two or more persons, where each owner has an undivided interest in the property and is entitled to an equal share of profits, but with no right of survivorship.

Equal Rights

The principle that all people should be treated equally under the law without discrimination.

Joint Tenancy

A type of co-ownership of property where each party owns the property equally and has the right of survivorship.