Which of the following would be an example of an implicit cost?
(i)forgone investment opportunities
(ii)wages of workers
(iii)raw materials costs
A)(i) only
B)(ii) only
C)(ii) and (iii) only
D)(i) and (iii) only

Question

Quizplus · Accepted Answer

Implicit costs refer to the opportunity costs of using resources owned by the firm, such as forgone investment opportunities, rather than explicit costs like wages or raw materials.

Which of the Following Would Be an Example of an Implicit