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) rent that could have been earned on a building owned and used by the firm
D) the utility bill paid to water, electricity, and natural gas companies
Question 2
Implicit costs can be defined as
A) the non-monetary opportunity cost of using the firm's own resources.
B) the deferred cost of production.
C) total cost minus fixed costs.
D) accounting profit minus explicit cost.
The production of transgenic crops
Production efficiency.
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