A Cost Incurred in the Production of a Good or Service

question 107

Multiple Choice

A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment,is referred to as ________ cost.

• A) a minimized
• B) a maximized
• C) an explicit
• D) an implicit
• E) an invisible

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Definitions:

Endocrine Gland

An endocrine gland is a gland that secretes hormones directly into the bloodstream to regulate various bodily functions.

Target Tissue

Specific tissues or cells in an organism that are affected by specific hormones or drugs.

Glucagon

A hormone produced by the pancreas that raises blood glucose levels by promoting the breakdown of glycogen to glucose in the liver.

Gluconeogenesis

A metabolic pathway that results in the generation of glucose from certain non-carbohydrate carbon substrates such as lactate, glycerol, and glucogenic amino acids.