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Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469 Exercise 12
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 11th Edition by William McEachern
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