Final answer:
An implied warranty ensures product quality even when it's not explicitly stated, and it would cover the cost of delivering acceptable quality products.The correct option is b.
Step-by-step explanation:
The correct answer to the question is b) Implied warranty. An implied warranty represents the cost of satisfying the performance obligation to deliver products of acceptable quality. While explicit assurances such as guarantees, warranties, and service contracts are clearly defined and provided by the seller, an implied warranty is an unstated guarantee that the product will meet a minimum level of quality. This type of warranty is based on the understanding that a product will perform as expected even though its quality guarantee isn't explicitly stated. For example, movie theaters may refund a ticket if a customer is unsatisfied with the show, and restaurants often allow customers to exchange dishes without a stated policy.