Which of the following does not apply to implicit costs?
A) They represent payments to a firm's workers.
B) They represent opportunity costs to businesses owners.
C) They must be recovered in order for the business to continue operations.
D) They represent an economic cost of production.

Question

Quizplus · Accepted Answer

Implicit costs do not represent actual cash payments to workers but rather the opportunity costs of using resources owned by the firm for its own production instead of renting, selling, or using them in another way.

Which of the Following Does Not Apply to Implicit Costs