Which of the following is an example of an implicit cost?Group of answer choicesInterest paid on the firm's debtRent paid by the firm to lease office spaceThe owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firmWages paid to workers

A firm's opportunity costs of production are equal to itsGroup of answer choicesexplicit costs only.implicit costs only.explicit costs + implicit costs.explicit costs + implicit costs + total revenue.

The costs of a market activity imposed on an individual NOT engaged in the market activity are ________ costs.Group of answer choicesfree-ridersocialexternalcommoninternal

Which of the following is not a sunk cost?Group of answer choicesThe non-refundable deposit already paid to secure a new factoryTime spent by senior management at an upcoming corporate retreatAn advertising campaign from last yearThe tax a firm needs to pay given it sold one of its properties

Cost paid in money to hire a resource isGroup of answer choicesan alternative-use cost.an implicit cost.an explicit cost.economic profit.

Which of the following is an implicit cost of owning and operating a farm?multiple choicethe money a farmer could earn by working for someone elsethe money paid for repairing a tractorthe money received for crops grown during the growing seasonthe money paid for fertilizer each growing season