Which of the following is an example of an implicit cost for a firm?

Question

Quizplus · Accepted Answer

Implicit costs refer to the opportunity cost of resources already owned by the firm, such as forgone rent on property owned by the firm or the value of time worked by the owner. Wages and salaries paid to employees are explicit costs, as they involve actual monetary outlays by the firm. Therefore, the correct answer is D, as both A and C are examples of implicit costs.

Which of the Following Is an Example of an Implicit