If you are a sole proprietor of a firm and you do not pay yourself a regular wage,then the value of the wage you could have earned elsewhere is

A) an explicit cost.
B) an accounting cost.
C) an implicit cost.
D) not a cost.

Implicit Cost

Refers to the opportunity costs that are not directly paid for in money but represent the loss of value from using resources for a particular venture instead of their best alternative use.

Explicit Cost

Direct, out-of-pocket payments for goods or services used in the production of a product or offering of a service.

Sole Proprietor

An individual who owns and operates a business alone, bearing all the responsibilities and benefits of the business.