Implicit costs Multiple Choice Include only payments to labor. Are the sum of actual monetary payments made for resources used to produce a good. Include the value of all resources used to produce a good. Are the value of resources used, for which no monetary payment is made

Are the value of resources used, for which no monetary payment is made.

Explanation:

Implicit cost is the implied cost or notional cost is the opportunity cost that a business will give up to use a factor of production which it owns.

So when a company uses an asset or resource it forgoes the earnings it would have enjoyed if the resource was used for another purpose. It is cost of using a resourt rather that buying or renting it.

For example when a company hires a new employee, the implicit cost incurred is the training he will receive.