Which of the Following Is an Implicit Cost of Production

question 267

Multiple Choice

Which of the following is an implicit cost of production?

• A)interest paid on a loan to a bank
• B)wages paid to labor plus the cost of carrying benefits for workers
• C)the utility bill paid to water, electricity, and natural gas companies
• D)rent that could have been earned on a building owned and used by the firm

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Definitions:

Competitive Product

A product that is offered in the same market as others, competes for the same customers, and serves a similar purpose.

Florida Department

This term is too vague to provide a specific definition without additional context. It could refer to any department within the state of Florida's government or institutions.

Orange Juice

A beverage made by squeezing or reaming oranges, consumed for its flavor and health benefits.

Competitive Institutional Advertisements

Ads focused on promoting the goodwill or image of an organization or industry, often in relation to its competition.