Question

an example of an explicit cost of production would be the group of answer choices 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. cost of forgone labor earnings for an entrepreneur. value of the time the business could've spent producing something else.

Answer 1

Option B. An example of an explicit cost of production would be  lease payments for the land on which a firm's factory stands.

What is the meaning of explicit cost of production?

Explicit costs are expenses incurred directly by a company, such as payments for goods, rent, or labor and salaries. Implicit costs are the opportunity costs associated with resources that the company already owns and uses for its operations, such as expanding a plant onto land it already owns.

Explicit costs are actual costs that are recorded in the general ledger of a business and are used to calculate profitability. Examples include rent and salary

Lease payments for the property where a company's facility is located are an illustration of an explicit cost of production.

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