7. Critical analysis Q16 Which of the following best describes implicit costs? The opportunity costs associated with a rm's use of resources that it owns 0 The sum of the costs that do not vary with output 0 The costs of all the resources used by a firm 0 Costs that have already been incurred as a result of past decisions Suppose Andrew owns and operates a pizza parlor. The wages Andrew pays to his employees is an V cost. True or False: The firm's accounting statement takes implicit costs into account. 0 True 0 False Continue without saving