Which of the following is an example of an implicit cost? Group of answer choices A)Federal taxes paid by the firm. B)$25 hourly wage paid to a seasonal clerk that a firm employs on a contract basis. C)The $40,000 in rental income an entrepreneur no longer receives after converting the rental space to their new storefront. D)$60,000 spent to purchase the lumber needed to create a product.
Which of the following is an example of an implicit cost? Group of answer choices A)Federal taxes paid by the firm. B)$25 hourly wage paid to a seasonal clerk that a firm employs on a contract basis. C)The $40,000 in rental income an entrepreneur no longer receives after converting the rental space to their new storefront. D)$60,000 spent to purchase the lumber needed to create a product.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 14SQ
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Which of the following is an example of an implicit cost?
Group of answer choices
A)Federal taxes paid by the firm.
B)$25 hourly wage paid to a seasonal clerk that a firm employs on a contract basis.
C)The $40,000 in rental income an entrepreneur no longer receives after converting the rental space to their new storefront.
D)$60,000 spent to purchase the lumber needed to create a product.
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