Implicit costs represent the opportunity that a company gives up by using a firm-owned resource in one way rather than another.

Name: Implicit costs represent the opportunity that a company gives up by using a firm-owned resource in one way rather than another.
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Implicit costs are the opportunity costs of using a resource in a particular way, meaning the benefits that could have been gained by using that resource in an alternative way are foregone.

Implicit Costs Represent the Opportunity That a Company Gives Up