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Juanita sees a crowd of people gathered around a man lying on the ground. She thinks about whether to call an ambulance, but then reasons that somebody else has probably already done so. This is an example of __________.
Implicit Costs
The firm’s opportunity costs of using resources owned or provided by the owner.
Explicit Costs
Dollar costs incurred by business firms, such as wages, rent, and interest.
Implicit Costs
The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.
Explicit Costs
Direct, out-of-pocket payments for goods and services required to run a business.
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