Question: An implicit cost: Question 3 5 options: refers to the additional cost of a small increase in the amount of an activity. does not require

An implicit cost:
Question 35 options:
refers to the additional cost of a small increase in the amount of an activity.
does not require an actual outlay of money.
is a nonrecoverable cost incurred in the past that should have no bearing on current decision making.
requires an actual outlay of money.

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