Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank
B) wages paid to labor plus the cost of carrying benefits for workers
C) rent that could have been earned on a building owned and used by the firm
D) the utility bill paid to water, electricity, and natural gas companies
Question 2
Implicit costs can be defined as
A) the non-monetary opportunity cost of using the firm's own resources.
B) the deferred cost of production.
C) total cost minus fixed costs.
D) accounting profit minus explicit cost.
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Complete the following production chart and plot the points.
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