4 Dec 2021
Problem 10
Page 184
Section SELF: CHECK QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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4 Dec 2021
Introduction
IMPLICIT COSTS : An implicit costs is one that has already been incurred by a firm and does not require to be necessarily reported or to be shown as a different expense.
EXPLICIT COSTS : Explicit costs are those which are incurred in the daily course of business. They directly affect the profitability of the company.
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