Implicit cost involves a direct cash payment for the use of a resource.

Name: Implicit cost involves a direct cash payment for the use of a resource.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Implicit cost refers to the opportunity cost of using a resource, which may not involve a direct cash payment. It could include things such as the value of time spent on a project, the foregone income from using a resource for one purpose over another, or any other sacrifice of resources that could have been used in alternative ways.

Implicit Cost Involves a Direct Cash Payment for the Use