Question

In farm economics, costs that are not directly paid out of pocket but represent the value of owned resources used in production are referred to as:

Q: Answer-In farm economics, costs that are not directly paid out of pocket but represent the value of owned r...

Private costs include both explicit and implicit costs. Implicit costs like family labor or owned capital, though not paid in cash, still represent opportunity costs borne by the farm owner.

A Social cost

B Private cost

C Variable cost

D Fixed cost

E Implicit cost

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In farm economics, costs that are not directly paid out of pocket but represent the value of owned resources used in production are referred to as:

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