Question

The cost incurred by the firm in hiring labour is called as??

Answer 1

Heya....

See here for your answer...

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The cost incurred by the firms in hiring labour from the market is called...

Explict cost...

It is the cost of acquiring inputs from the market...

Thank you

Answer 2

The upcoming discussion will update you about the differences between explicit cost and implicit cost.
When most people think of cost, they think only of the explicit cost — the actual payment by firms to labour, capital, and other factors of production. Whether these costs are fixed or variable, they are straightforward: they are the amounts that firms must pay to owners of the resources in order to bid these resources away from alternative uses.




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