Answer:
Are the value of resources used, for which no monetary payment is made.
Explanation:
Implicit cost is the implied cost or notional cost is the opportunity cost that a business will give up to use a factor of production which it owns.
So when a company uses an asset or resource it forgoes the earnings it would have enjoyed if the resource was used for another purpose. It is cost of using a resourt rather that buying or renting it.
For example when a company hires a new employee, the implicit cost incurred is the training he will receive.
Answer:
The correct answer is letter "D": Are the value of resources used, for which no monetary payment is made.
Explanation:
An Implicit Cost is any cost associated with failing to take any action. Implicit costs represent the potential income loss of all decisions forgone after taking a different choice. As decision costs are not recorded, they are difficult to quantify opposite to an explicit cost which can always be quantified because at some point it includes a transaction tied to cash exchange.
