Implicit Costs Are

question 27

Multiple Choice

Implicit costs are:

• A) the opportunity costs of using resources owned by the entrepreneur in his/her own business.
• B) payments the business owner must make on borrowed funds.
• C) costs which vary as the level of output varies.
• D) those payments the business owner makes in cash.
• E) the payments the business owner makes for public relations, such as donations to charity.

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Definitions:

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A measure of the highest level of schooling or training achieved by an individual, often critical for determining employment opportunities and income.

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The expenses related to acquiring new skills or knowledge, including both direct costs and opportunity costs.