What are implicit costs? an implicit cost is
a. a cost that remains constant as output changes.
b. a cost that changes as output changes.
c. a cost incurred in the long run.
d. a nonmonetary opportunity cost.
e. the highest-valued alternative that must be given up to engage in an activity. how are implicit costs different from explicit costs?
a. an explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost.
b. an explicit cost is not an opportunity cost, while an implicit cost is an opportunity cost.
c. an explicit cost is a cost incurred holding output constant, while an implicit cost is a cost incurred as output changes.
d. an explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run.
e. both a and
b?
