Implicit cost refers to:
A) the amount a firm receives for selling its product or service.
B) any increase in the value of the assets owned by the firm.
C) the opportunity cost of factors of production provided by the owners of the firm.
D) salary paid to the factors of production.

Question

Quizplus · Accepted Answer

Implicit cost is the opportunity cost of using resources owned by the firm for its own production, rather than selling or renting them out.

Implicit Cost Refers To