McqMate
| Q. |
Implicit cost refers to ……………… |
| A. | Value of inputs owned by the firm and used in its own manufacturing process |
| B. | Value of input or services purchased from outside and used in its own manufacturing process |
| C. | Value of inputs owned by the firm and sold to others |
| D. | Value of inputs or services for which no payments were made to outside |
| Answer» D. Value of inputs or services for which no payments were made to outside | |
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Fundamentals of Economics and ManagementNo comments yet