An implicit cost:
A) is an opportunity cost.
B) is an out-of-pocket expense.
C) does not require an outlay of money.
D) is characterized by both (a) and (c)

Name: An implicit cost: A) is an opportunity cost. B) is an out-of-pocket expense. C) does not require an outlay of money. D) is characterized by both (a) and (c)
Brand: Quizplus
Rating: 4.7 (40 reviews)

Question

Quizplus · Accepted Answer

Implicit costs are opportunity costs that do not require an outlay of money, thus characterized by both (a) and (c).

An Implicit Cost