Answer :

implicit cost is, that has occurred but has not been reported as a separate expense. It signifies an opportunity cost that arises when a company uses internal resources toward a project without any explicit compensation for the utilization of resources.


OR


the number of goods and services that a company produces is called a variable cost. The variable cost increases or decreases according to the volume of production. The variable cost is different for companies. The variable cost for a car manufacturing company will never be similar to that of electronics appliance company.


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