10. Implicit and explicit costs are different in that:Multiple Choicethe former refer to nonexpenditure costs and the latter to out-of-pocket costs.implicit costs are relevant only in the short run.explicit costs are relevant only in the short run.the latter refer to nonexpenditure costs and the former to out-of-pocket costs.

Implicit costs are opportunity costs, while explicit costs are expenses paid with a company's own…

Answered: Implicit and explicit costs are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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