homework help

1. Explicit costs a. Require an outlay of money by the firm. b. Include all the firm's opportunity costs. c. Include income that is forgone by the firm's owners. d. All of the above are correct. 2. Economic profit is equal to . Total revenue minus explicit cost. b. Total revenue minus implicit cost. c. Total revenue minus explicit and implicit cost. d. Average revenue minus the average cost of last unit of goods and sewices. a