represents a cost that requires a firm to make a cash payment for employing resources O a. An implicit cost O b. An explicit cost C. A resource cost d. An operating cost QUESTION 3 Which of the following represents an explicit cost: O a. Payroll O b. Rent OC. Cost of goods sold O d. All of the above QUESTION 4 Which of the following represents an implicit cost: O a. Foregone rent O b. payroll O C. Cost of goods sold O d. The cost of supplies QUESTION 5 Total revenue minus explicit costs and implicit costs equals: O a. Operating Profit O b. Accounting Profit O C. Economic Profit d. O d. Gross Profit Margin