Costs that a firm remaining in business will still incur even if it halts current production are called

A) fixed costs.
B) variable costs.
C) implicit costs.
D) explicit costs.

Implicit Costs

The opportunity costs of using resources owned by the firm for its project instead of selling or renting them to others.

Fixed Costs

Costs that do not vary with the level of production or output, such as rent, salaries, and insurance.

Variable Costs

Variable costs are expenses that change in proportion to the level of production or business activity.