Which of the Following Most Completely Describes the Cost to a Firm

question 3

Multiple Choice

Which of the following most completely describes the cost to a firm associated with the use of its resources in a particular way?

• A)Its monetary outlay for inputs
• B)Its explicit cost
• C)The implicit cost of not renting its own resources
• D)The opportunity cost of its resources

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Definitions:

Nonrival

A characteristic of a good whereby one person's consumption does not reduce availability to others, often associated with public goods.

Nonrival

A characteristic of a good whereby one individual's consumption of the good does not reduce its availability for consumption by others.

Netflix

An American streaming service and production company that offers a wide variety of television shows, movies, anime, documentaries, and more on thousands of internet-connected devices.

Public Good

A non-excludable and non-rivalrous good that can be consumed by everyone, such as public parks or national defense.