Question

Wages paid to laborers is an example of :
explicit cost or implicit cost or opportunity cost or none of these?​

Answer 1

Answer:

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ᴛʜᴇ ᴡᴀɢᴇs ᴘᴀɪᴅ ᴛᴏ ʟᴀʙᴏᴜʀ ɪs ᴀɴ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴅɪʀᴇᴄᴛ ᴄᴏsᴛ ᴛʜᴀᴛ ᴍᴜsᴛ ʙᴇ ᴘᴀɪᴅ ɪɴ ᴏʀᴅᴇʀ ғᴏʀ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴛᴏ ᴛᴀᴋᴇ ᴘʟᴀᴄᴇ. ᴛʜᴜs ɪᴛ ɪs ᴀɴ ᴇxᴘʟɪᴄɪᴛ ᴄᴏsᴛ.

hσpє ít hєlpѕ u ☺️

Answer 2

Explicit cost : are the cost which are out of pocket costs example payments , wages .
Implicit cost: are the oppurtunity cost of the resources already owned by firms . Examples: expanding factory onto already owned land .
Thanx may this help you