Question: An implicit cost is A . a nonmonetary opportunity cost. B . the highest - valued alternative that must be given up to engage in

An implicit cost is A. a nonmonetary opportunity cost. B. the highest-valued alternative that must be given up to engage in an activity. c. a cost that remains constant as output changes. D. a cost that changes as output changes. E. a cost incurred in the short run.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!