QuestionMarch 21, 2026

Which of the following statements is false? opportunity costs may be either explicit costs or implicit costs money must change hands before a cost can be incurred cost implies that a sacrifice has been made no monetary payment takes place when an implicit cost is incurred none of the above

Which of the following statements is false? opportunity costs may be either explicit costs or implicit costs money must change hands before a cost can be incurred cost implies that a sacrifice has been made no monetary payment takes place when an implicit cost is incurred none of the above
Which of the following statements is false? opportunity costs may be either explicit costs or implicit costs money must change hands before a cost can be incurred cost implies that a sacrifice has been made no monetary payment takes place when an implicit cost is incurred none of the above

Solution
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Answer

Money must change hands before a cost can be incurred Explanation 1. Identify false statement "Money must change hands before a cost can be incurred" is false because costs can also be implicit (non-monetary), incurred without actual money exchange. 2. Verify other statements Opportunity costs can be explicit or implicit — true. Cost involves sacrifice — true. No payment occurs for implicit costs — true.

Explanation

1. Identify false statement <br /> "Money must change hands before a cost can be incurred" is false because costs can also be implicit (non-monetary), incurred without actual money exchange. <br />2. Verify other statements <br /> Opportunity costs can be explicit or implicit — true. Cost involves sacrifice — true. No payment occurs for implicit costs — true.
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