The Basic Difference Between Explicit and Implicit Costs Is That

question 56

Multiple Choice

The basic difference between explicit and implicit costs is that

• A) explicit costs are measurable; implicit costs are not.
• B) implicit costs are measurable; explicit costs are not.
• C) explicit costs are private costs; implicit costs are social costs.
• D) explicit costs are fixed costs; implicit costs are variable costs.
• E) explicit costs reflect externally supplied resources; implicit costs reflect owner-supplied resources.

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Definitions:

Humility

The quality of having a modest or low view of one's importance, often allowing for more open-mindedness and growth.

Practicality

The aspect of being sensible, realistic, and focused on what is achievable or effective in real-life situations.

Critical Thinkers

Individuals who actively engage in analysis, evaluation, and synthesis of information to solve problems and make informed decisions.

Questioning

The process of expressing doubt or seeking information about something.