A firms cost of production equals ________. A. All the costs paid with money, called explicit costs

Question:

A firm’s cost of production equals ________.
A. All the costs paid with money, called explicit costs
B. The implicit costs of using all the firm’s own resources
C. All explicit costs and implicit costs, excluding normal profit
D. The costs of all resources used by the firm whether bought in the marketplace or owned by the firm

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