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Business, 13.12.2019 05:31 marciekinser

An implicit cost is defined as:
o the amount by which the money spent on an input to production exceeds its opportunity cost.
o the amount by which economic profit exceeds accounting profit.
o the difference between an input's explicit cost and its actual cost.
o the opportunity cost of using a resource that is not explicitly paid out by the firm.

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An implicit cost is defined as:
o the amount by which the money spent on an input to product...
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