Implicit 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 value of all resources used to produce a good.
D)Are the value of resources used,for which no monetary payment is made.

Question

Quizplus · Accepted Answer

Implicit costs refer to the value of resources used in a production process for which no monetary payment is made. These costs include things like the opportunity cost of using an owner's time or the cost associated with using a firm's own capital resources. It is a valuable but non-monetary cost that is commonly overlooked in accounting.

Implicit Costs