The things that must be forgone to acquire a good are called
A)implicit costs.
B)opportunity costs.
C)explicit costs.
D)accounting costs.

Question

Quizplus · Accepted Answer

Opportunity costs refer to the things that must be given up in order to acquire a good, and are therefore the best choice for this question. Implicit costs refer to opportunity costs that are not monetary, explicit costs refer to out-of-pocket expenses, and accounting costs are simply the sum of explicit costs.

The Things That Must Be Forgone to Acquire a Good