Implicit costs are ______.

A. the same as economic costs.
B. opportunity costs of self-employed resources.
C. always greater than accounting costs.
D. comprised entirely of actual expenses paid by the firm for its inputs.

Implicit cost is also known as the notional cost, imputed cost or implied cost, which is defined or described as the opportunity cost that is equal to what a company or business give up so that, could use a factor of production for which it owns already and does not require to pay the rent.

This cost is stated indirectly and or it is already implied in the production and it also the opportunity costs of the resources which are self- employed.

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

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Implicit costs are ______.

A. the same as economic costs.
B. opportunity costs of self-employed resources.
C. always greater than accounting costs.
D. comprised entirely of actual expenses paid by the firm for its inputs.