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26.07.2019 •
Business
What are implicit costs? an implicit cost is a. a cost that remains constant as output changes. b. a cost that changes as output changes. c. a cost incurred in the long run. d. a nonmonetary opportunity cost. e. the highest-valued alternative that must be given up to engage in an activity. how are implicit costs different from explicit costs? a. an explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost. b. an explicit cost is not an opportunity cost, while an implicit cost is an opportunity cost. c. an explicit cost is a cost incurred holding output constant, while an implicit cost is a cost incurred as output changes. d. an explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run. e. both a and b?
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How are implicit costs different from explicit costs? an explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost.
An implicit cost is a cost that as already occurred for a company but it isn't reflected on a report as an expense. This type of cost happens when a company uses resources they own and puts them towards a project without expectation of being paid for lending out their resources. An implicit cost can be something like the hours of labor put into working a business rather than a direct product to be sold being worked on.
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