Costs of the firm for which explicit payment has been made some time in the past are:
A) opportunity costs
B) implicit costs
C) fixed costs
D) historical costs
E) variable costs

Question

Quizplus · Accepted Answer

Historical costs refer to costs that have already been incurred by the firm in the past. This includes the explicit payments made by the firm in the past for various inputs like labor, raw materials, rent, interest, etc. These costs are historical because they have already been paid and cannot be recovered or changed now.

Costs of the Firm for Which Explicit Payment Has Been