Which of the following are included in calculating economic costs?
A) implicit costs
B) explicit costs
C) accounting costs
D) All of the above are correct.

Question

Quizplus · Accepted Answer

All three types of costs - implicit costs, explicit costs, and accounting costs - are included in calculating economic costs. Implicit costs refer to non-monetary costs, such as opportunity costs, while explicit costs refer to actual out-of-pocket expenses. Accounting costs are the total costs recorded in the company's financial statements. Combining all three types of costs gives a clear picture of the total cost of producing a good or service.

Which of the Following Are Included in Calculating Economic Costs