Implicit costs are
A. costs that are taken into consideration by accountants.
B. the opportunity costs of using factors that a producer does not buy or hire but already owns.
C. the costs of using factors that a producer hires or rents.
D. costs that are variable in the short run and fixed in the long run.
Answer: B
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Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
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