Antonio lives in Montreal and runs a business that sells guitars. In an average year, he receives $731,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $431,000; he also pays wages and utility bills totalling $259,000. He owns his showroom; if he chooses to rent it out, he will receive $8,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Antonio does not operate this guitar business, he can work as an accountant and receive an annual salary of $30,000 with no additional monetary costs. No other costs are incurred in running this guitar business. Identify each of Antonio's costs in the following table as either an implicit cost or an explicit cost of selling guitars. Implicit Cost Explicit Cost The wages and utility bills that Antonio pays The salary Antonio could earn if he worked as an accountant The rental income Antonio could receive if he chose to rent out his showroom The wholesale cost for the guitars that Antonio pays the manufacturer