A firm's opportunity costs of production are equal to its explicit costs plus implicit costs plus total revenue.
This is the alternative that is foregone by a person due to the fact that they have made another choice.
In the firm the opportunity cost of production is equal to explicit costs plus implicit costs plus total revenue..
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The firm's opportunity cost of production comprises implicit costs and explicit costs
C) explicit costs + implicit costs
What is opportunity costs of production?
The opportunity costs of production is the sum of the firm's implicit and explicit costs.
Implicit costs refer to benefits forgone, the benefits the firm has to forgo in order to produce its output, whereas explicit cost means out of pocket expenses, when both are added together, it gives the firm's opportunity cost of production.
The question is missing the following options:
A) explicit costs only
B) implicit costs only
C) explicit costs + implicit costs
D) explicit costs + implicit costs + total revenue
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