1. Karma and Don 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 Karma gave up in order to run the business