Which of the Following Are Implicit Costs for a Typical

question 42

Multiple Choice

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

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

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Definitions:

Premium Tax Credit

A refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Marketplace.

Household Income

Represents the total gross income of all members of a household, encompassing all sources of income including salaries, bonuses, dividends, and any other income streams before taxes.

Federal Poverty Level

A measure of income issued annually by the Department of Health and Human Services used to determine eligibility for various federal and state assistance programs.

EIC

The Earned Income Credit (EIC) is a tax credit for low-to-moderate-income working individuals and families, particularly those with children.