Which of the following are implicit costs for a typical firm?
A) the cost of labour
B) the opportunity cost of capital owned and used by the firm
C) the cost of energy used in production
D) a business licensing fee

Question

Quizplus · Accepted Answer

Implicit costs are opportunity costs of resources owned by the firm, such as the opportunity cost of capital. Choices A, C, and D are explicit costs, which involve actual out-of-pocket expenses.

Which of the Following Are Implicit Costs for a Typical