The Implicit Cost Incurred by a Firm to Use Its

question 380

Multiple Choice

The implicit cost incurred by a firm to use its resources to produce its output is the firm's

• A) total cost.
• B) explicit cost.
• C) opportunity cost.
• D) accounting cost.

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Definitions:

Plan

is a detailed proposal for doing or achieving something, often involving the steps or actions needed to accomplish a goal.

Criteria

Standards or benchmarks that are used to evaluate or make judgments about different options or outcomes.

Role Ambiguity

A situation where an individual's job responsibilities, expectations, or authority are unclear, leading to confusion and potential stress.

Conflicts

Occur when there are opposing ideas, interests, or needs, leading to a disagreement or struggle between two or more parties.