Which of the Following Statements Is True

question 224

Multiple Choice

Which of the following statements is true?

• A)Opportunity cost = explicit cost - implicit cost.
• B)Total cost = fixed cost + implicit cost.
• C)Total cost = fixed cost + variable cost.
• D)Variable cost = wages + salaries + benefits.

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Definitions:

Commercial Farming

Farming for profit, where the primary aim is high yield production for sale in the market, often involving the use of advanced technologies and large scale operations.

Westward

Referring to the direction or expansion towards the west, often associated with the territorial growth of countries like the United States.

McClure's Magazine

A historic American magazine known for its investigative journalism and role in the early 20th-century muckraking movement.

Muckraking Journalists

Refers to investigative journalists in the early 20th century who exposed societal corruptions, scandals, and injustices, often leading to public outrage and reform.