Mika withdraws $100,000 from her trust fund to start up her own manicure business. The trust fund earns 4 percent interest. In order to properly account for all costs of her business, Mika must not forget:

The difference between explicit costs and implicit costs

A) is that explicit costs are opportunity costs while implicit costs are not. B) is that implicit costs are opportunity costs while explicit costs are not. C) is that explicit costs are short-run costs and implicit costs are long-run costs. D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.

If a non-binding price floor were to be set in the market in the graph shown, it could be set at:

A. $30. B. $16. C. $23. D. All of these would be binding price floors for this market.