Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also invested his savings into the business, which had been earning $1,000 a month in interest. Fillipe's implicit costs are: Select one: a. $2,000 b. $1,000 c. $3,000 d. greater than his explicit costs.

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
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Chapter12: The Cost Of Production
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Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also invested his savings into the
business, which had been earning $1,000 a month in interest. Fillipe's implicit costs are:
Select one:
a. $2,000
b. $1,000
c. $3,000
d. greater than his explicit costs.
Transcribed Image Text:Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also invested his savings into the business, which had been earning $1,000 a month in interest. Fillipe's implicit costs are: Select one: a. $2,000 b. $1,000 c. $3,000 d. greater than his explicit costs.
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