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Subject - Economics:

Microeconomics

MCQ - 121-4131

Question:

Which of the following is an implicit cost for the owner of a small store in your hometown?

  1. The wage that is paid to the assistant manager
  2. The cost of purchasing canned goods from a wholesale food distributor
  3. The value placed on the owner’s skills in an alternative career
  4. The cost of purchasing canned goods from a wholesale food distributor
  5. The price of placing an advertisement in the local newspaper

Correct Answer: C

Explanation:

The opportunity cost of starting a small store is the salary given up in the next best alternative for the entrepreneur’s skills.

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269 MCQ for effective preparation of the test of Microeconomics of Economics section.

Read the MCQ statement: Which of the following is an implicit cost for the owner of a small store in your hometown? , keenly and apply the method you have learn through the video lessons for Microeconomics to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 121-4131.

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Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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