You own a small deli that sells sandwiches, salads, and soup. Which of the following is an implicit cost of the business?

Question

Quizplus · Accepted Answer

An implicit cost is the opportunity cost of using resources owned by the business for its current purpose instead of the next best alternative. In this case, the job offer you did not accept represents the income you forego by running your deli instead of working elsewhere.

You Own a Small Deli That Sells Sandwiches, Salads, and Soup