An Example of an Implicit Cost of Production Is

question 25

Multiple Choice

An example of an implicit cost of production is:

• A) the cost of raw materials used to produce bread in a bakery.
• B) the cost of labor in a factory that assembles DVD players.
• C) the income an entrepreneur could have earned working for someone else.
• D) all of the above.

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Definitions:

Silver

A precious metal with the chemical symbol Ag and atomic number 47, known for its conductivity and antibacterial properties.

Mass

A property of physical matter which determines the strength of its mutual gravitational attraction to other bodies and its resistance to being accelerated by a force.

Moles

A unit of measure in chemistry representing a quantity of chemical substance that contains as many elementary entities (atoms, molecules, ions, etc.) as there are atoms in 12 grams of pure carbon-12.

NaCl

Sodium chloride, commonly known as table salt, is an ionic compound consisting of sodium and chlorine ions.