Implicit costs are:
A) fixed costs.
B) variable costs.
C) opportunity costs.
D) payments made to acquire factors of production such as labor and machinery.

Question

Quizplus · Accepted Answer

Implicit costs are opportunity costs that represent the foregone benefits which could have been enjoyed if the choice was made differently, such as the income one could have earned from a different job instead of running their own business.

Implicit Costs Are