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What is not true about navigation forms?
Explicit Costs
Direct, out-of-pocket payments for resources employed in the production of goods or services.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own operations, without direct payment but with foregone opportunities.
Explicit Costs
Direct, out-of-pocket payments for wages, rent, and materials, among others, involved in the production of goods or services.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision or choice.
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