Question

What are implicit​ costs? an implicit cost is
a. a cost that remains constant as output changes.
b. the​ highest-valued alternative that must be given up to engage in an activity.
c. a nonmonetary opportunity cost.
d. a cost that changes as output changes.
e. a cost incurred in the longlong run?

Answer 1

The correct option is "c".
An implicit cost is a nonmonetary opportunity cost.

Implicit costs refer to any cost that has already occurred however isn't really appeared or detailed as a different cost. It represents an opportunity cost that emerges when an organization dispenses inward assets toward a venture with no explicit compensation for the usage of assets.