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Economics: A Contemporary Introduction 9th Edition by William McEachern
Edition 9ISBN: 9780538453745Economics: A Contemporary Introduction 9th Edition by William McEachern
Edition 9ISBN: 9780538453745 Exercise 2
EXPLICIT AND IMPLICIT COSTS Determine whether each of the following is an explicit cost or an implicit cost:
a. Payments for labor purchased in the labor market
b. A firm's use of a warehouse that it owns and could rent to another firm
c. Rent paid for the use of a warehouse not owned by the firm
d. The wages that owners could earn if they did not work for themselves
a. Payments for labor purchased in the labor market
b. A firm's use of a warehouse that it owns and could rent to another firm
c. Rent paid for the use of a warehouse not owned by the firm
d. The wages that owners could earn if they did not work for themselves
Explanation
Verified
Verified
Explicit and Implicit costs
a.Payments ...
Economics: A Contemporary Introduction 9th Edition by William McEachern
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