An example of an implicit cost of production is:
A) the cost of leather used in manufacturing furniture.
B) the cost of space in someone's home that is used as his or her home office
C) the wage paid to a high school student who works in a fast-food restaurant
D) the cost of milk bought by household consumers
E) the wage of a high school teacher who provides tuitions to his students after school hours.
Correct Answer:
Verified
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