Implicit cost are opportunity costs of using owned resources.
Implicit cost:
Implicit cost refers the cost that exists without the exchange of cash and is not recorded for accounting purposes. And the Implicit costs represent the loss of income but do not represent a loss of profit.
Given,
Here we need to find what Implicit costs are.
From the given options:
total fixed costs.
composed entirely of variable costs.
opportunity costs of using owned resources.
always greater in the short run than in the long run.
As per the definition of the implicit cost, we have identified that the correct option that defines the implicit cost are opportunity costs of using owned resources.
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