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What are implicit costs? Do implicit costs contribute to the opportunity costs of production? 

 

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Raushan Raj
Raushan RajLv8
5 Nov 2020
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Related questions

What are implicit costs? Do implicit costs contribute to the opportunity cost of production? Should an implicit cost be counted as cost?  Give three examples of implicit costs. Does the firm's accounting statement take implicit statements into account? Why or why not?

A firm's opportunity costs of production are equal to its

  1. explicit costs only.
  2. implicit costs only.
  3. explicit costs + implicit costs.
  4. explicit costs + implicit costs + total revenue.

What is the principle distinction between explicit costs and implicit costs?

A. Explicit costs are direct, out-of-pocket payment, while implicit costs are all foregone opportunity costs.

B. Implicit costs must be paid immediately, but explicit costs need to be paid only in the long run.

C. Implicit costs are usually larger than explicit costs.

D. There is no real difference between explicit and implicit costs

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