Explicit Costs

question 91

Multiple Choice

Explicit costs

• A) Include only payments to labor.
• B) Are the sum of actual monetary payments made for resources used to produce a good.
• C) Include the market value of all resources used to produce a good.
• D) Are the total value of resources used to produce a good but for which no monetary payment is made. An explicit cost is a payment made for the use of a resource.

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Definitions:

Alternative-choice Close

A sales technique that presents the customer with a choice between two options, encouraging a decision to purchase.

Girl Scout Cookies

A variety of cookies sold by Girl Scouts in the United States as a fundraiser for their organization.

Asking for Order

The step in a sales process where the salesperson directly requests the potential customer to make a purchase decision.