QuestionJune 2, 2025

Implicit costs are Multiple Choice the same as economic costs. comprised entirely of actual expenses paid by the firm for its inputs. opportunity costs of self-employed resources. always greater than accounting costs.

Implicit costs are Multiple Choice the same as economic costs. comprised entirely of actual expenses paid by the firm for its inputs. opportunity costs of self-employed resources. always greater than accounting costs.
Implicit costs are Multiple Choice the same as economic costs. comprised entirely of actual expenses paid by the firm for its inputs. opportunity costs of self-employed resources. always greater than accounting costs.

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Answer

opportunity costs of self-employed resources. Explanation 1. Define Implicit Costs Implicit costs are the opportunity costs of using resources owned by the firm for which no actual payment is made. 2. Identify Correct Option The correct option describes implicit costs as "opportunity costs of self-employed resources."

Explanation

1. Define Implicit Costs<br /> Implicit costs are the opportunity costs of using resources owned by the firm for which no actual payment is made.<br /><br />2. Identify Correct Option<br /> The correct option describes implicit costs as "opportunity costs of self-employed resources."
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