Think of a company and its industry, and give an example of an implicit cost for that company
Instructions
Much of economics is focused on defining costs and distinguishing between implicit and explicit costs. Considering this please respond to the following:
Think of a company, and its industry, and give an example of an implicit cost for that company. With the implicit cost identified explain why, or why not, the cost needs to be considered. Are there any benefits to the cost identified? Are there any disadvantages? Explain. If necessary, complete additional research to support your ideas on this topic. Be sure to validate your opinions and ideas with citations and references in APA format.
Answer preview to think of a company and its industry, and give an example of an implicit cost for that company
APA
400 words