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What Is the Difference Between Explicit and Implicit Costs

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What is the difference between explicit and implicit costs?


Definitions:

Arrangement

The action, process, or result of arranging or being arranged.

Parallel Venation

A pattern of vein arrangement in leaves where veins run parallel to each other, typical of monocot plants.

Eudicot Leaves

Leaves of eudicotyledonous plants, characterized by a branched vein pattern.

Characteristic

A trait or feature that distinguishes an organism or object from another.

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