Which of the following is an implicit cost to a firm that produces a good or service? A. Labor costs B. Costs of operating production machinery C. Foregone profits of producing a different good or service D. Costs of renting or buying land for a production site

Which of the following is an implicit cost to a firm that produces a good or service? A. Labor costs B. Costs of operating production machinery C. Foregone profits of producing a different good or service D. Costs of renting or buying land for a production site

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 14SQ

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Question

Which of the following is an implicit cost to a firm that produces a good or service?
A. Labor costs
B. Costs of operating production machinery
C. Foregone profits of producing a different good or service
D. Costs of renting or buying land for a production site

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