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:

Pragmatists

Philosophers or thinkers who focus on practical consequences and applications of ideas to problems, valuing action over doctrine.

Subconscious

The part of the mind that operates below the level of conscious awareness, influencing behavior and thoughts.

Reality

The state or quality of having existence or substance, often contrasted with perceptions, illusions, or simulations.

Social Behaviorists

Specialists in psychology that study and explain human behavior through the lens of social interactions and environmental factors.