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Which of the following is an implicit cost of owning and operating a farm? The money pald for repairing a tractor O The money paid for fertilizer each growing season The money received for crops grown during the growing season The money a farmer could earn by working for someone else

Answer :

The implicit cost of owning and operating a farm is the money a farmer could earn by working for someone else. Therefore, the option D holds true.

An implicit cost can be referred to or considered as a cost that is incurred in place of an alternative available in the hands of an individual. It is somewhat similar to an opportunity cost, but does not take into consideration the benefits derived by a person when he or she chooses each of the alternatives. However, the basic interpretation of both the costs is more or less similar to each other.

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