Choose the correct answer from the following options: A firm's cost of production equals ____. All the costs paid with money, called explicit costs The implicit costs of using all the firm's own resources All explicit costs and implicit costs, excluding normal profit The costs of all resources used by the firm whether bought in the marketplace or owned by the firm.

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Chapter 14, Problem 1MCQ

To determine

Choose the correct answer from the following options: A firm's cost of production equals ____.

All the costs paid with money, called explicit costs
The implicit costs of using all the firm's own resources
All explicit costs and implicit costs, excluding normal profit
The costs of all resources used by the firm whether bought in the marketplace or owned by the firm.

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