An Example of an Implicit Cost of Production Is

question 27

Multiple Choice

An example of an implicit cost of production is:

• A)the cost of leather used in manufacturing furniture.
• B)the cost of space in someone's home that is used as his or her home office
• C)the wage paid to a high school student who works in a fast-food restaurant
• D)the cost of milk bought by household consumers
• E)the wage of a high school teacher who provides tuitions to his students after school hours.

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Definitions:

Break-In

The act of entering a property without authorization, typically with the intent to commit a crime.

Active Listening

The practice of fully concentrating on what is being said rather than passively hearing the message of the speaker.

Customer

An individual or organization that purchases goods or services from a business, often considered crucial to a company's success.

Message

Information conveyed in the sales presentation.