Which of the Following Are Implicit Costs for a Typical

question 279

Multiple Choice

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

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Definitions:

Prussia and Austria

Two major powers in central Europe which played pivotal roles in regional politics, military conflicts, and the shaping of the continent's history from the 18th to the early 20th centuries.

German Unification

The process that led to the consolidation of separate German-speaking states into a single nation, Germany, in 1871 under the leadership of Otto von Bismarck.

Great Powers

A term for the most powerful and influential countries in the world, recognized for their military, economic, and diplomatic strengths.

Europe

A continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere, comprising a significant historical and geopolitical region.