Implicit cost is a

a. cost incurred in the past that cannot be changed by current decisions and therefore cannot be recovered.

b. sunk cost.

c. cost that represents the value of resources used in production for which no monetary payment is made.

d. cost that is incurred when a monetary payment is made

Answer: (C) Cost that represents the value of resources used in production for which no monetary payment is made

Explanation:

The implicit cost is one of the type of economical cost which represent the resources values in the production.

In the implicit cost no monetary payment is made that is actual payment in the opportunity cost.

Implicit cost is also known as national cost and the implied cost. The implicit cost refers to the cost which is using in the form of asset rather than selling it and this term is also refers to the foregone income.

Therefore, Option (C) is correct.