The choices listed below involve costs to the firm. For which is the implicit cost potentially...

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The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit co

business economics

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Answer 1

Answer #1

Ans: d) the use of firm-owned assets.

Explanation:

Implicit cost refers to any factors of production provided by the entrepreneur himself / herself. In the above scenario , the use of firm-owned assets are considered as implicit cost.

Explicit cost refers to the payment made to the factors of production which are purchased or hired from external sources.

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Answer 2

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