Which of the following explain the concept of explicit costs? (Check all that apply.) Multiple select question. A firm's monetary payments made for the use of resources owned by others. A firm's monetary payments that self-employed resources could have earned in their best alternative use. A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services. A firm's monetary payments received for the use of resources owned by the firm.

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11-07-2022
Business

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Which of the following explain the concept of explicit costs? (Check all that apply.) Multiple select question. A firm's monetary payments made for the use of resources owned by others. A firm's monetary payments that self-employed resources could have earned in their best alternative use. A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services. A firm's monetary payments received for the use of resources owned by the firm.

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tutorconsortium201 tutorconsortium201 · Answer 1 · 2022-07-19T15:51:46+02:00

The phrase "explicit costs" refers to a company's monetary payments to individuals who provide labor, materials, fuel, and transportation services as well as payments paid for the use of resources that belong to other people. The correct option is (a) & (c) .

What is labor specialization?

When businesses separate their production or service process into many fixed tasks, specialization of labor, also known as division of labor, develops.
Employees don't complete numerous tasks themselves; instead, they repeat a single step of the production process.

The marginal-cost, average-total-cost, and average-variable-cost curves all move up.Y

What is division of labor and specialization in economics?

When a worker is specialized, they only carry out a small number of different jobs.
In the context of businesses, it alludes to many businesses that specialize in manufacturing various items or services.
When a good or service is produced, various workers are assigned to distinct duties. This is known as division of labor.

Learn more about labor specialization

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