Which of the Following Is an Implicit Cost of Production

question 166

Multiple Choice

Which of the following is an implicit cost of production?

• A) interest paid on a loan to a bank
• B) wages paid to labour plus the cost of carrying benefits for workers
• C) the utility bill paid to water, electricity, and natural gas companies
• D) rent that could have been earned on a building owned and used by the firm

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Definitions:

Skewed

describes a distribution that is not symmetrical, with a longer tail on one side of the peak than the other.

Normal Distribution

A probability distribution that is symmetrical around the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Standard Deviation

Standard deviation is a measure of the dispersion or variability of a set of data points around their mean, indicating how spread out the data points are.

Sampling Distribution

The chance distribution of a statistical measure derived from numerous samples taken from a particular group.