implicit cost
implicit cost
Glossary micro and macro economics
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Economics
Definition of implicit cost
implicit cost : the monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market equal to what the resource could have earned in the best-paying alternative employment includes a normal profit.
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Glossary micro and macro economics
Micro and macro economics glossary index of terms
Definition and meaning of implicit cost
Meaning of implicit cost
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