An Implicit Cost Is

question 98

Multiple Choice

An implicit cost is

• A)a nonmonetary opportunity cost.
• B)a cost unique to sole proprietorships.
• C)a cost that involves spending money.
• D)a cost unique to corporations.

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Definitions:

Insurance Policy

A contract between an individual or entity and an insurance company to provide financial protection or reimbursement against losses.

Cancel Policy

A set of rules or conditions under which an insurance policy or an agreement can be terminated before its normal expiration date by either party.

Legal Representation

The act of a lawyer or attorney acting on behalf of an individual, group, or entity in legal proceedings and matters.

Insurance Policies

are contracts between an insurer and an insured, detailing the terms under which the insurer agrees to compensate the insured or beneficiaries for specific losses in exchange for premiums paid.