To the economist,total cost includes:

A) explicit and implicit costs.
B) neither implicit nor explicit costs.
C) implicit,but not explicit,costs.
D) explicit,but not implicit,costs.

Implicit Costs

Implicit costs refer to the opportunity costs of using resources that a company already owns, without any direct payment, for its own production purposes.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.

Total Cost

The total amount of money spent on creating goods or services, encompassing both constant and fluctuating expenses.