Money That Must Be Paid for the Use of Factors

question 125

Multiple Choice

Money that must be paid for the use of factors of production such as labour and capital is an:

• A) explicit cost.
• B) accounting profit.
• C) implicit cost.
• D) economic profit.

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Definitions:

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A second-year student in a four-year undergraduate program or a high school.

Professional Organization

An association designed to support the interests and professional development of individuals in a specific profession.

Portfolio

A collection of works or documents that represent a person's skills, achievements, and experience.

Interview

A structured conversation where one party asks questions and the other provides answers, commonly used in job selection and research.