Implicit costs
A) Include only payments to workers and lenders.
B) Represent actual monetary payments made for resources used to produce a good such as oil.
C) Are the costs to produce a good or service for which no direct payment is made.
D) Are the total opportunity costs of resources and inputs used to produce a good.

Question

Quizplus · Accepted Answer

Implicit costs represent the opportunity costs of resources and inputs used to produce a good or service for which no direct payment is made. This includes factors such as the value of entrepreneur's time and the use of owner's capital in the production process.

Implicit Costs