The payment of wages by a firm is an example of:
A)an explicit cost of production.
B)an implicit cost of production.
C)an irreversible cost of production.
D)a long-run cost of production.

Name: The payment of wages by a firm is an example of: A)an explicit cost of production. B)an implicit cost of production. C)an irreversible cost of production. D)a long-run cost of production.
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Payment of wages is a direct and explicit cost incurred by a firm for employing labor to produce goods or services.

The Payment of Wages by a Firm Is an Example