Expenses That a Firm Does Not Have to Pay Out

question 149

Multiple Choice

Expenses that a firm does not have to pay out of pocket are

• A) wages of employees.
• B) taxes.
• C) implicit costs.
• D) explicit costs.

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Definitions:

Attached Item

denotes an object or document that is physically or electronically linked to another item for reference or clarification.

Implied Warranty

A legal assumption that goods or services sold meet certain quality standards, even if not explicitly stated in a contract.

Latent Defects

Hidden problems or flaws in a property that are not discoverable by reasonable inspection before purchase.

Remote Control Devices

Electronic devices used to operate another device from a distance, typically using radio frequency or infrared signals.