Which of the Following Is Not an Explicit Cost

question 322

Multiple Choice

Which of the following is not an explicit cost?

• A) Taxes
• B) Rent
• C) Wages
• D) Opportunity cost of using an owner's savings.

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Definitions:

Demand

The desire to own something and the ability to pay for it, represented by how much of a good or service consumers are willing to buy at different prices.

Schedule

A plan that outlines specific times at which certain tasks, events, or operations are to occur.

Market Prices

The current value at which goods or services can be bought or sold in an open market.

Supply and Demand

A foundational economic model that explains how prices and quantities of goods and services adjust in a market based on the interaction between sellers' supply and buyers' demand.