Which of the Following Is an Implicit Cost of Production

question 267

Multiple Choice

Which of the following is an implicit cost of production?

• A)interest paid on a loan to a bank
• B)wages paid to labor plus the cost of carrying benefits for workers
• C)the utility bill paid to water, electricity, and natural gas companies
• D)rent that could have been earned on a building owned and used by the firm

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Definitions:

Crosstabulation

A method in statistics used to examine the relationships between two or more categorical variables by displaying data in a tabular format.

Column Percentages

Represents the percentages that each value in a column represents out of the total for the column, often used in statistical analysis to summarize categorical data.

Row Percentages

The percentages of each category within a row in a contingency table, often used in categorical data analysis.

Frequencies

The rate at which a repeated event occurs, often used in the context of how often different values appear in a dataset.