Question

An implicit Cost is ---------
a) The cost of giving up an alternative b) The cost of chosen alternative
c) Calculated by subtracting the monetary cost d) None of the above​

Answer 1

Explanation:

I think "a) The cost of giving up an alternative" should be the correct answer. But I would recommend you to check other answers room Thank you

Answer 2

Concept:

A cost is the expenditure that is incurred in the production of goods and services. It is used to produce goods and services.

Given:

An implicit Cost is the cost of giving up an alternative, the cost of chosen alternative and Calculated by subtracting the monetary cost.

To find:

An implicit Cost is to find out.

Solution:

An implicit cost is the expenditure that is incurred within the firm. It means the cost is used to produce goods and services which are firm own goods. The cost vary with the level of output produce.

The correct option is a)  cost of giving up an alternative.