Question

you own a small deli that sells sandwiches, salads, and soup to the community. which of the following is an implicit cost of the business?

Answer 1

Based on the principle of implicit cost, when you own a small deli that sells sandwiches, salads, and soup to the community. the implicit cost is considered to be "the job offer you did not accept at a local catering service."

What is the Implicit Cost

Implicit Cost is a term that is used to describe the implied cost, or the opportunity cost incurred or giving up in equal to start your own business.

Instead of getting a job that offers local catering service, you chose to create your business and start selling these similar chops to people.

Features of Implicit Cost

• It is an implied cost
• It does not involve spending money
• It is shown or reported as a separate expense.
• It is not obvious like explicit cost.

Hence, in this case, it is concluded that the correct answer is the job offer you did not accept at a local catering service.

Learn more about Implicit cost here: https://brainly.com/question/7824689

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