If a firm does not include the cost of previously unused resources when calculating the cost of a good or service, it is said to have ignored

Question

Quizplus · Accepted Answer

Implicit costs are the costs of using resources that a firm already owns. They represent the opportunity cost of using those resources for one purpose over another, but are not directly paid out in cash and can be overlooked in cost calculations.

If a Firm Does Not Include the Cost of Previously