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Which of the following illustrates explicit and implicit costs? O A. Ned pays an hourly wage of $18 to his employees. Ned runs a hair salon out of the first floor of his house. OB. The government has regulated a minimum wage rate for all fast food employees. A pound of apples costs $8. O C. Ned uses his own laptop at work. Apartment rents have risen in the city of Denver. O D. Rachel buys her groceries from WinCo as it is much cheaper. Jake bought a HDTV.

Which of the following illustrates explicit and implicit costs? O A. Ned pays an hourly wage of $18 to his employees. Ned runs a hair salon out of the first floor of his house. OB. The government has regulated a minimum wage rate for all fast food employees. A pound of apples costs $8. O C. Ned uses his own laptop at work. Apartment rents have risen in the city of Denver. O D. Rachel buys her groceries from WinCo as it is much cheaper. Jake bought a HDTV.

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter20: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 2CQ
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Which of the following illustrates explicit and implicit costs? O A. Ned pays an hourly wage of $18 to his employees. Ned runs a hair salon out of the first floor of his house. B. The government has regulated a minimum wage rate for all fast food employees. A pound of apples costs $8. O C. Ned uses his own laptop at work. Apartment rents have risen in the city of Denver. O D. Rachel buys her groceries from WinCo as it is much cheaper. Jake bought a HDTV.
Transcribed Image Text:Which of the following illustrates explicit and implicit costs? O A. Ned pays an hourly wage of $18 to his employees. Ned runs a hair salon out of the first floor of his house. B. The government has regulated a minimum wage rate for all fast food employees. A pound of apples costs $8. O C. Ned uses his own laptop at work. Apartment rents have risen in the city of Denver. O D. Rachel buys her groceries from WinCo as it is much cheaper. Jake bought a HDTV.
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