An example of an explicit cost of production would be theGroup of answer choicescost of forgone labor earnings for an entrepreneur.lost opportunity to invest in capital markets when the money is invested in one's business.lease payments for the land on which a firm's factory stands.value of the time the business could've spent producing something else.

An example of an cost is when a firm issues more equity and an entrepreneur increases leisure time.

The economic profit of a firm includes the opportunity costs of all resources used in production. What do these opportunity costs measure?A.Explicit costsB.The value of resources at their best alternative useC.The amount of profit earnedD.The economic condition of the firm, by listing everything the firm ownsE.The growth of the firm over time

Which situation best illustrates an example of an opportunity cost?A.A restaurant offers new customers discounted rates in order to attract more loyal customers over time.B.A retailer decides to stop selling a certain brand of electronics because it has been in low demand.C.A factory increases wages for its workers but does not have enough money left over to invest in new machinery.D.A business owner performs a cost-benefit analysis to decide on a price for his newest product.

Money spent for the factors of production is an explicit cost.Question 17Select one:TrueFalse

Total revenue minus the implicit and explicit costs of production is profit.