Elaine is a successful lawyer who decides to quit her law practice and do what she loves. She opens a bread bakery using $20,000 from her savings account. Which of the following is an explicit cost of her new bakery business?the income Elaine could earn if she rented her baking ovens to another bakery. the forgone interest income on the $20,000 used to open the bakery. the wages Elaine pays to her employees. the wages Elaine could have earned as a lawyer. An explicit cost requires a monetary outlay
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Elaine is a successful lawyer who decides to quit her law practice and do what she loves. She opens...
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