Marisol and Logan run a furniture-refinishing business from their home. Which of the following represent an explicit

Question:

Marisol and Logan run a furniture-refinishing business from their home. Which of the following represent an explicit cost of the business and which represent an implicit cost?

a. Supplies such as paint stripper, varnish, polish, sandpaper, and so on

b. Basement space that has been converted into a workroom

c. Wages paid to a part-time helper

d. A van that they inherited and use only for transporting furniture

e. The job at a larger furniture restorer that Marisol gave up in order to run the business

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Microeconomics

ISBN: 9781319245283

6th Edition

Authors: Paul Krugman Robin Wells

Question Posted: