Explicit costs would include
a. the rent paid by a business owner for office space
b. the interest loss of the business owner on money withdrawn from his/her savings account and invested in the business
c. the loss of rent on a building the business owner owns and uses in his/her business
d. the opportunity costs of the business owner's time
e. the use of tools owned by the business owner and dedicated to the business
A
You might also like to view...
The substitution effect reflects a movement along a given
A) horizontal line. B) vertical line. C) indifference curve. D) budget line.
Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B. b. Country A's productivity must have grown faster than country B's. c. Both of the above are correct. d. None of the above are correct.