Expenses that a firm does NOT have to pay out of pocket are

Name: Expenses that a firm does NOT have to pay out of pocket are
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Question

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Implicit costs are an opportunity cost, which means they are the foregone benefits that the firm could have enjoyed had it used its resources in the next best alternative. These costs are not an out-of-pocket expense that the firm has to pay. Wages of employees and taxes are explicit costs that the firm has to pay out of pocket.

Expenses That a Firm Does NOT Have to Pay Out