Which of the Following Is an Example of an Implicit

question 157

Multiple Choice

Which of the following is an example of an implicit cost of production?

• A) cost of raw materials
• B) cost of labor
• C) opportunity cost
• D) fixed costs

---

Definitions:

Outdoor Media

Advertising media found outside of homes, including billboards, bus stops, and digital signages, used to promote products or services.

Billboards

Large outdoor advertising structures typically positioned in high-traffic areas to maximize visibility to passersby and motorists.

Newspapers

Printed publications consisting of folded unstapled sheets and containing news, articles, advertisements, and other information.

Prestige Pricing

A pricing strategy where prices are set higher than average to create a perception of exclusivity and high quality.