Economic cost can best be defined as
- the opportunity cost of using a resource already owned by the firm.
- the income the firm must provide to resource suppliers to attract resources from alternative uses.
- any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers.
- those payments for resources that involve an obvious cash transaction.
Answer: the income the firm must provide to resource suppliers to attract resources from alternative uses.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.