Which of the Following Is NOT an Example of an Explicit

question 34

Multiple Choice

Which of the following is NOT an example of an explicit cost?

• A)The overtime wages paid to workers.
• B)The income the owner could have earned in his or her next best employment opportunity.
• C)The salaries paid to the managers who help run the business.
• D)The rent the owner pays each month to lease office space.

---

Definitions:

Expected Frequencies

Predicted counts of occurrences that are calculated for categories or intervals within a statistical analysis, serving as a basis for comparison against observed frequencies.

Categorical Variables

Variables representing categories, indicating the presence or absence of some characteristic or attribute, typically non-numeric.

Chi-square Goodness-of-fit

A statistical test that compares observed frequencies in a distribution to frequencies expected under a specific hypothesis.

Chi-square Statistic

A statistical measure used to assess the differences between categorical variables in a contingency table.