Ask Question
9 March, 06:23

Implicit costs Multiple Choice Include only payments to labor. Are the sum of actual monetary payments made for resources used to produce a good. Include the value of all resources used to produce a good. Are the value of resources used, for which no monetary payment is made

+1
Answers (1)
  1. 9 March, 09:08
    0
    Are the value of resources used, for which no monetary payment is made.

    Explanation:

    Implicit cost is the implied cost or notional cost is the opportunity cost that a business will give up to use a factor of production which it owns.

    So when a company uses an asset or resource it forgoes the earnings it would have enjoyed if the resource was used for another purpose. It is cost of using a resourt rather that buying or renting it.

    For example when a company hires a new employee, the implicit cost incurred is the training he will receive.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Implicit costs Multiple Choice Include only payments to labor. Are the sum of actual monetary payments made for resources used to produce a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers