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An example of an explicit cost of production would be the a. lease payments for the land on which a firm's factory stands. b. value of the time the business could've spent producing something else. c. cost of forgone labor earnings for an entrepreneur. d. lost opportunity to invest in capital markets when the money is invested in one's business.

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ayokenny2001

An example of an explicit cost of production would be the lease payments for the land on which a firm's factory stands.

What is explicit cost?

Explicit cost refers to the total expenses, expended towards the production of a product. They are expenses incurred, hence have direct impact on the purchase of factors of production.

Hence, an example of an explicit cost of production would be the lease payments for the land on which a firm's factory stands.

Learn more about explicit cost here: https://brainly.com/question/13853366

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