Which of the Following Are Implicit Costs for a Typical

question 7

Multiple Choice

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

• A)opportunity costs of capital owned and used by the firm
• B)the cost of labor hired by the firm
• C)utilities cost
• D)a business licensing fee

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Definitions:

Millennial

A person born approximately between the early 1980s and late 1990s, characterized as being digitally savvy, value-oriented, and possibly facing different socioeconomic challenges than previous generations.

College Students

Individuals enrolled in an institution of higher education, pursuing undergraduate, postgraduate, or various diploma courses.

Polyandry

A form of marriage in which a woman is married to two or more men at the same time.

Polygyny

A type of matrimonial arrangement where a man can concurrently have multiple wives.