Question: Implicit and explicit costs are different in that: Multiple Choice the former refer to nonexpenditure costs and the latter to out-of-pocket costs. Implicit costs are

Implicit and explicit costs are different in

Implicit and explicit costs are different in that: Multiple Choice the 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

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