Answered

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True or false: Implicit costs are the value of resources used for which no direct payment is made.

A. True
B. False

Sagot :

GinnyAnswer

Final answer:

Implicit costs are the opportunity cost of resources used in production, and they play a crucial role in determining economic profit.


Explanation:

True, implicit costs are the value of resources used for which no direct payment is made. They represent the opportunity cost of using resources that the firm already owns, such as an owner's contribution of working in the business without taking a salary. Implicit costs are vital in determining economic profit.


Learn more about Implicit costs in economics here:

https://brainly.com/question/17237670


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