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 the opportunity costs associated with using resources that are owned by the firm, such as capital or entrepreneurship. The cost of labour (A) and the cost of energy used in production (C) are explicit costs, as they involve actual expenses paid out by the firm. A business licensing fee (D) could be either an implicit or explicit cost, depending on the circumstances.

Which of the Following Are Implicit Costs for a Typical