An Example of an Explicit Cost of Production Would Be

question 454

Multiple Choice

An example of an explicit cost of production would be the

• A)cost of forgone labor earnings for an entrepreneur.
• B)lost opportunity to invest in capital markets when the money is invested in one's business.
• C)lease payments for the land on which a firm's factory stands.
• D)Both a and c are correct.

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Definitions:

Entering GPA

The grade point average of students at the time they are admitted into an educational institution.

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A line through a scatterplot of data points that best expresses the relationship between those points, typically used in linear regression to predict the outcome variable from the predictor variable.

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An assessment designed to measure an individual's knowledge or competence in a specific area or discipline.

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A range of values that is likely to contain the value of an unknown parameter for a future observation, with a certain degree of confidence.