Implicit Costs Are

question 124

Multiple Choice

Implicit costs are:

• A) the opportunity costs of using resources owned by the entrepreneur in his/her own business.
• B) payments the business owner must make on borrowed funds.
• C) costs which vary as the level of output varies.
• D) those payments the business owner makes in cash.

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Definitions:

Average Salary

The mean income derived from dividing the total payroll of a particular sector by the number of employees in it.

Demand For Legal Services

The quantity of legal assistance that consumers are willing and able to purchase at a given price.

Wages Of Lawyers

This refers to the compensation or payment received by lawyers for their legal services, often influenced by factors such as experience, location, and the nature of legal work.

Legal Education

The field of study or training that prepares individuals to practice law, including undergraduate, graduate, and professional education.