Business, 18.12.2019 23:31, emily4984

Implicit and explicit costs are different in that:
1) explicit costs are opportunity costs; implicit costs are not.
2) implicit costs are opportunity costs; explicit costs are not.
3) the latter refer to nonexpenditure costs and the former to monetary payments.
4) the former refer to nonexpenditure costs and the latter to monetary payments.

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Implicit and explicit costs are different in that:
1) explicit costs are opportunity costs;...