Explain the difference between implicit cost and explicit cost? Determine whether each of the following is an explicit cost or an implicit cost and explain your response: Payments for labor purchased in the labor market A firm’s use of a warehouse that it owns and could rent to another firm Rent paid for the use of a warehouse not owned by the firm The wages that owners could earn if they did not work for themselves

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Explain the difference between implicit cost and explicit cost? Determine whether each of the following is an explicit cost or an implicit cost and explain your response:

Payments for labor purchased in the labor market
A firm’s use of a warehouse that it owns and could rent to another firm
Rent paid for the use of a warehouse not owned by the firm
The wages that owners could earn if they did not work for themselves

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