An Example of an Implicit Cost Is

question 172

Multiple Choice

An example of an implicit cost is

• A) the wages paid to workers.
• B) the interest on business loans.
• C) the imputed rent on a store owned by the firm.
• D) the materials used to produce the product.

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Definitions:

Iris Diaphragm

A thin, adjustable circular structure in optical devices or the eye that controls the amount of light passing through by changing its size.

Condenser

A device used to condense a gas or vapor into a liquid.

Ocular Lens

The lens closest to the eye in a microscope or telescope, through which the viewer looks to magnify the image formed by the objective lens.

Objective Lens

The part of a microscope or telescope that is closest to the object being observed, focusing light and creating an initial image.