Use the Following Scenario to Answer the Following Questions

Multiple Choice

Use the following scenario to answer the following questions:
Babak owns a sports practice facility called Boston Batting Cages in Boston,Massachusetts.During the first year of operation,Boston Batting Cages incurred many costs.In that year,Babak spent $5,000 on labor,$2,000 on maintenance,and $1,000 on electricity.Babak took out a loan to open his business,in which he would have earned $1,500,and his previous job,which he could get back at any time,paid him $50,000.
-Boston Batting Cages incurred ________ in implicit costs.

A) $9,500
B) $7,000
C) $51,500
D) $8,000
E) $50,000