The value of the inputs owned and used by a firm is an explicit cost.

Name: The value of the inputs owned and used by a firm is an explicit cost.
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The value of the inputs owned and used by a firm is considered an implicit cost, as it represents the opportunity cost of using resources that could have been employed elsewhere. Explicit costs, on the other hand, involve direct monetary payments to outsiders.

The Value of the Inputs Owned and Used by a Firm