Which of the Following Are Implicit Costs for a Typical

question 51

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​

---

Definitions:

Secondary Data

Secondary data refers to data that was collected by someone other than the user, often for a purpose different from the user's current research question. This can include previously gathered statistics, survey results, or information contained in existing records.

Census Bureau

A national government agency responsible for collecting, analyzing, and providing data about the population, economy, and society of the country.

Secondary Data

Information that has been previously collected and is available for use by others, often used in research to save time and resources.

Primary Data

Data collected firsthand for a specific research purpose, directly from the source.