3. Which of the following is considered an implicit cost? O A. Use of your labor services in manning your business without paying yourself O B. Converting your existing warehouse to a store without charging any cost O C. The assistance provided by a relative without receiving a payment O D. All are examples of implicit cost O E. No correct answer
3. Which of the following is considered an implicit cost? O A. Use of your labor services in manning your business without paying yourself O B. Converting your existing warehouse to a store without charging any cost O C. The assistance provided by a relative without receiving a payment O D. All are examples of implicit cost O E. No correct answer
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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what is the correct answer? please explain.
![3. Which of the following is considered an implicit cost?
O A. Use of your labor services in manning your business without paying yourself
O B. Converting your existing warehouse to a store without charging any cost
O C. The assistance provided by a relative without receiving a payment
O D. All are examples of implicit cost
O E. No correct answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a562922-dc7e-4d5a-bbd6-3c2ac5221f13%2Fc435f8fa-198c-47ef-a318-a255952c71de%2Fq8kd2h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Which of the following is considered an implicit cost?
O A. Use of your labor services in manning your business without paying yourself
O B. Converting your existing warehouse to a store without charging any cost
O C. The assistance provided by a relative without receiving a payment
O D. All are examples of implicit cost
O E. No correct answer
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