micro question?

Question

which of the following are implicit costs for a typical firm?
a) cost of raw materials
b) opportunity costs of capital owned and used by the frim
c) cost of labor hired by firm
d) electricity costs
e) insurance costs


A firm's opportunity costs of using resources provided by the firm's owners are called?

1) entrepreneurial costs
2) implicit costs
3) explicit costs
4) fixed costs
5) sunk costs

are both answers b??????????

give me the answers then to the tests haha lol

Answer 1

first question it is B because opportunity costs are a subset of implicit costs as they cant be actually seen monetarily.

2nd question is also B for the same reason

Answer 2

Yup, these 2 questions are related

The answers are b) and 2)

Answer 3

yes...i should know i took da same test once...and flunked...