Which of the Following Is the Implicit Cost for a Typical

question 47

Multiple Choice

Which of the following is the implicit cost for a typical firm?

• A) The cost of labour
• B) The opportunity cost of capital owned and used by the firm
• C) The cost of energy used in production
• D) A business licensing fee

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Definitions:

Imports

Goods or services brought into a country from abroad for sale, often subject to tariffs or trade agreements.

Sales

The exchange of goods or services for money, considering the total number of transactions completed.

Percent

Percent is a term used to describe a number or ratio expressed as a fraction of 100, often used to indicate proportions, ratios, and shares in everything from statistics to financial rates.

Sales Increase

A rise in the quantity or volume of sales of goods and services over a specific period.