An Explicit Cost for a Business That Manufactures Bicycles Would

question 131

Multiple Choice

An explicit cost for a business that manufactures bicycles would be the

• A) value of the products that the firm's employees could produce at another company.
• B) salary that the owner of the business could earn elsewhere.
• C) goods and services provided by the government with the taxes the firm pays.
• D) wages paid to employees.
• E) various products that could be made with the steel used to make bicycles.

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Definitions:

Probability

Probability is the measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Hypergeometric Probability

A probability distribution used for calculating the odds of drawing a specific number of successes in a sample without replacement from a finite population.

Discrete Probability Distributions

Probability distributions that delineate the probabilities of outcomes for discrete random variables.

Hypergeometric Random Variable

A discrete random variable that represents the count of successful outcomes in a series of selections from a limited population where each selection is not returned to the pool.