Explanation:

- Implicit Cost:

- This refers to the opportunity costs of using resources the entrepreneur owns. It's the income the entrepreneur forgoes by using personal resources in the business instead of renting them out or using them elsewhere.

- Correct Answer:

- Explicit Cost:

- These are direct, out-of-pocket payments, like wages, rent, and materials, made to those outside the business.

- Fixed Cost:

- These are costs that do not change with the level of production, like rent or salaries.

- Variable Cost:

- These costs vary with production output, such as materials and direct labor.