Explicit costs
A) Include only payments to labor.
B) Are the sum of actual monetary payments made for resources used to produce a good.
C) Include the market value of all resources used to produce a good.
D) Are the total value of resources used to produce a good but for which no monetary payment is made.

Question

Quizplus · Accepted Answer

Explicit costs are the actual monetary payments made for resources used to produce a good. They include payments for labor, raw materials, rent, utilities, and any other expenses that require an outlay of money.

Explicit Costs