Which of the following is considered an implicit cost? PLEASE EXPLAIN. A. Use of your labor services in manning your business without paying yourself B. Converting your existing warehouse to a store without charging any cost C. The assistance provided by a relative without receiving a payment D. All are examples of implicit cost E. No correct answer
Which of the following is considered an implicit cost? PLEASE EXPLAIN. A. Use of your labor services in manning your business without paying yourself B. Converting your existing warehouse to a store without charging any cost C. The assistance provided by a relative without receiving a payment D. All are examples of implicit cost E. No correct answer
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 14SQ
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Question
Which of the following is considered an implicit cost? PLEASE EXPLAIN.
A. Use of your labor services in manning your business without paying yourself
B. Converting your existing warehouse to a store without charging any cost
C. The assistance provided by a relative without receiving a payment
D. All are examples of implicit cost
E. No correct answer
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