Another name for the explicit cost of production is
A)variable cost.
B)accounting cost.
C)direct cost.
D)overhead cost.

Question

Quizplus · Accepted Answer

The explicit cost of production refers to the actual outlay of money that a firm incurs in order to produce its output. This includes the costs of labor, materials, rent, utilities, and other expenses that can be directly accounted for. These costs are also referred to as the accounting cost of production because they are recorded and reported on the firm's financial statements.

Another Name for the Explicit Cost of Production Is