Question: 1 . a . What is explicit cost? b . What is implicit cost? c . What's the relationship between total opportunity cost, explicit cost,

1. a. What is explicit cost?
b. What is implicit cost?
c. What's the relationship between total opportunity cost, explicit cost, and implicit cost?
d. What is accounting profit?
e. What is economic profit?
f. Is economic profit usually higher or lower than accounting profit?

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