Wages and salaries paid to workers are an example of implicit costs of production.

Name: Wages and salaries paid to workers are an example of implicit costs of production.
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Quizplus · Accepted Answer

Wages and salaries paid to workers are an example of explicit costs of production, not implicit costs. Implicit costs are opportunity costs, such as the value of the next best alternative foregone in order to pursue a certain action or decision.

Wages and Salaries Paid to Workers Are an Example of Implicit