An implicit cost is a nonmonetary opportunity cost. a cost unique to sole proprietorships. a cost unique to corporations. a cost that involves spending money.

a non-monetary opportunity cost.

Explanation:

Implicit cost is the type of cost that does not appear in your accounting book, and the value has to be estimated based on company's past experience or expert's judgement.

For example,

Let's say that company hire a bad candidate as new employee. In order to train him, the company need to dedicate more resources compared to training other employee.

In such situation, the cost that occurred additional training of that employees is considered as implicit cost. It won't show in the accounting book.