An Example of an Implicit Cost Is

question 2

Multiple Choice

An example of an implicit cost is:

• A)interest paid on a bank loan.
• B)wages paid to a family member.
• C)the value of a spare bedroom turned into a home office.
• D)operating costs of a company-owned car.

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Definitions:

Social Theorist

A social theorist is an individual who develops theories to explain how societal structures, relationships, and institutions operate and affect humans.

Mass Media

Forms of communication, such as television, radio, newspapers, and the internet, that reach large audiences simultaneously.

Stuart Hall

A cultural theorist and sociologist who explored issues of race, ethnicity, and identity, particularly in the context of media.

Internet Access

The ability or right to connect to the web and utilize its resources, which can vary greatly across different regions and communities.