Implicit Costs -A cost that represents the value of resources used in production for which no actual(monetary) payment is made. -It is a cost incurred as a result of a firm using resources that it owners of the firm contribute to it.
Implicit Costs-A cost that represents the value of resources used in production for which no actual(monetary) payment is made.-It is a cost incurred as a result of a firm using resources that it owners of the firm contribute to it.