An Example of an Implicit Cost Is

question 156

Multiple Choice

An example of an implicit cost is

• A) a payment on the loan for a piece of equipment not in use.
• B) a payment on an electricity bill.
• C) wages paid to employees.
• D) gasoline costs.
• E) forgone wages.

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Definitions:

Revolutionary War

The conflict between the Thirteen American Colonies and British government between 1775 and 1783, which led to the colonies' independence as the United States of America.

Opening Battle

The first engagement or conflict in a war or series of battles, setting the tone and often influencing the course of the subsequent conflict.

Second Continental Congress

A convention of delegates from the Thirteen Colonies which started meeting in the spring of 1775, soon after warfare in the American Revolutionary War had begun.