Which of the Following Is an Explicit Cost of Production

question 96

Multiple Choice

Which of the following is an explicit cost of production?

• A) wages paid to workers
• B) the electric bill
• C) purchases of raw material
• D) Only answers A and B are explicit costs because the purchases of raw material is only an opportunity cost.
• E) Answers A, B, and C are all correct.

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Definitions:

Basic Visual Information

The fundamental elements of what the eye perceives, such as color, shape, boundaries, movement, and spatial relationships.

Luminance

A measure of the intensity of light emitted from a surface per unit area in a given direction, which is used to describe the perceived brightness of an object.

Olfactory System

The sensory system responsible for smell, starting from the nasal cavity to the olfactory cortex in the brain.

Limbic System

An intricate network of nerves and pathways in the brain that regulates instinct and emotional state, governing fundamental emotions like fear, pleasure, and anger as well as primal impulses such as the need for food, sexual activity, domination, and nurturing offspring.