Section 7.1 Explicit costs are while implicit costs represent the is..pdf
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The document discusses explicit and implicit costs, highlighting that explicit costs refer to actual payments made while implicit costs represent opportunity costs. It contrasts these two types of costs, emphasizing the differences in their implications for decision-making. The text includes references to specific sections and questions regarding the definitions of these cost categories.
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opportunity cost Question 2
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Section 7.1 Explicit costs are while implicit costs represent the is..pdf
- 1. Section 7.1 Explicit costs are while implicit costs represent the is. actual payments the opportunity cost Question 2 Section 7.1 Explicit costs are [Select] while implicit costs represent the [Select ] [ Select ] always less than Question actual payments opportunity cost