7.2: Explicit and Implicit Costs, and ... - Social Sci LibreTexts
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WEBJul 17, 2023 · Explicit costs are out-of-pocket costs, that is, actual payments. Wages that a firm pays its employees or rent that a firm pays for its office are explicit costs. Implicit costs are more subtle, but just as important. They represent the opportunity cost of using resources that the firm already owns.
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