________ cost is defined as a cost of production that does not entail a direct monetary payment.
A) An explicit
B) A marginal
C) A fixed
D) A total
E) An implicit

Question

Quizplus · Accepted Answer

Implicit cost refers to the opportunity cost of using resources for a particular activity - such as the cost of using the owner's time or the cost of foregoing income from another job. It does not involve a direct monetary payment.

________ Cost Is Defined as a Cost of Production That