Which of the Following Are Implicit Costs for a Typical

question 203

Multiple Choice

Which of the following are implicit costs for a typical firm?

• A)insurance costs
• B)electricity costs
• C)opportunity costs of capital owned and used by the firm
• D)cost of labor hired by the firm
• E)the cost of raw materials

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Definitions:

Limbic System

A complex system of nerves and networks in the brain, controlling basic emotions and drives such as fear, pleasure, and anger.

Emotion

A complex psychological state that involves a subjective experience, a physiological response, and a behavioral or expressive response.

Aphagia

The inability to swallow or the loss of swallowing reflex, often due to neurologic or muscular disorders.

Hyperphagia

Overeating that leads to significant weight gain.