Implicit cost is a
A)cost that is incurred when a monetary payment is made.
B)cost incurred in the past that cannot be changed by current decisions and therefore cannot be recovered.
C)cost that represents the value of resources used in production for which no monetary payment is made.
D)sunk cost.
E)b and d

Question

Quizplus · Accepted Answer

Implicit cost refers to the cost that represents the value of resources used in production for which no monetary payment is made. This contrasts with explicit costs, which involve direct monetary payments.

Implicit Cost Is a