Which of the following describes an implicit cost?
A) There is no opportunity cost involved.
B) They do not require an outlay of money.
C) Accountants include these costs in total costs.
D) They are an out-of-pocket expense.

Question

Quizplus · Accepted Answer

Implicit costs are non-monetary opportunity costs that do not require an outlay of money but represent the foregone alternatives that could have been pursued with the same resources.

Which of the Following Describes an Implicit Cost