(Explicit and Implicit Costs) Determine whether each of the folowing is an explicit cost or an implicit cost a Payments for labor purchased in the labor marketb A firm's use of a warehouse that it owns and could rentto another firm C. Rent paid for the use of a warehouse not owned by the firm d The wages that firm owners could earn if they did notwork for themsehves

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Imports and Tariff Analysis

Tariff - Tax on imports imposed by the customs authority coming from a country & exports leaving a country borne by the end consumer.