The cost assigned to factors of production that the firm neither hires nor purchases is called _______________.

social cost

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opportunity cost

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economic cost

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implicit cost

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Solution

The correct option is B implicit cost
The cost of self owned resources available to the firm, that are neither hired nor purchased, is called implicit cost.

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The cost assigned to factors of production that the firm neither hires nor purchases is called _______________.

The correct option is B implicit costThe cost of self owned resources available to the firm, that are neither hired nor purchased, is called implicit cost.

The correct option is B implicit cost
The cost of self owned resources available to the firm, that are neither hired nor purchased, is called implicit cost.