In part, perfect competition arises if i. each firm's minimum efficient scale is large relative to demand. ii. each firm produces a good or service identical to those produced by its many competitors. iii. there are significant barriers to entry

________ are inducements to act in certain ways

Fill in the blank(s) with correct word

Which of the following would be considered an implicit cost of operating a business?

A) interest payments on a loan B) Social Security contributions for employees C) the resale value of delivery vans the company owns and uses for its deliveries D) shipping expenses