Which of the following are implicit costs for a typical firm?
A)insurance costs
B)electricity costs
C)the opportunity costs of the capital owned and used by the firm
D)the cost of the labor hired by the firm
E)the cost of raw materials

Question

Quizplus · Accepted Answer

Implicit costs refer to the opportunity costs of using resources owned by the firm, such as capital. Insurance and electricity costs would be considered explicit costs, and labor and raw materials would be considered variable costs.

Which of the Following Are Implicit Costs for a Typical