All of the Following Are Evidences of Specialization Except

question 41

Multiple Choice

All of the following are evidences of specialization except:

• A)a carpenter who builds an entire bedroom set without any help from others.
• B)a restaurant that provides continental and oriental food in all its outlets.
• C)the credits at the end of a movie.
• D)professional mourners in Taiwan.
• E)online sellers.

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Definitions:

Implicit Costs

The opportunity costs incurred by a firm for using its own resources without a direct monetary payment.

Implicit Costs

Costs that represent the loss of potential income from resources when they are not utilized in their best alternative use.

Opportunity Cost

Forgoing possible gains from various alternatives by picking a specific one.

Personal Savings

The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.