An Example of an Explicit Cost of Production Would Be

question 454

Multiple Choice

An example of an explicit cost of production would be the

• A)cost of forgone labor earnings for an entrepreneur.
• B)lost opportunity to invest in capital markets when the money is invested in one's business.
• C)lease payments for the land on which a firm's factory stands.
• D)Both a and c are correct.

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Definitions:

Organisational Responsibility

The duty of an organization to act in the best interests of their environment and society as a whole.

Intellectual Capital

The intangible value of a company's expertise, knowledge-based assets, and employee skills that provide competitive advantage.

Workforce

The group of individuals engaged in or available for work, either in a single company, industry, or geographical area.

Knowledge Management

The process of capturing, distributing, and effectively using knowledge within an organization to enhance its performance and competitiveness.