Which of the following would be an example of an implicit cost? (i) forgone investment opportunities (ii) wages of workers (iii) raw materials costs Group of answer choices
Added by Nieves A.
Step 1
Implicit costs refer to the opportunity cost of using resources that a company already owns, rather than explicit costs that involve spending money on resources. Show more…
Show all steps
Your feedback will help us improve your experience
Sanchit Jain and 71 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Explain how the following can be represented in a PPF framework: (i) the finiteness of resources implicit in the scarcity condition; (ii) choice; (iii) opportunity cost; (iv) productive efficiency; and (v) unemployed resources
Crystal W.
Investment decisions cannot be affected by Select one: a. Expected rate of return b. Interest rate c. Cost of capital goods d. None of the options are correct
Haricharan G.
Describe some of the opportunity costs when you decide to do the following. a. Attend college instead of taking a job b. Watch a movie instead of studying for an exam c. Ride the bus instead of driving your car
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD
