One Difference Between Implicit Costs and Explicit Costs Is That

question 29

Multiple Choice

One difference between implicit costs and explicit costs is that:

• A) implicit costs are included in the method accountants use to compute profits, whereas explicit costs are not.
• B) implicit costs are included in economic profits, whereas explicit costs are not.
• C) explicit costs are included in the method accountants use to compute profits, whereas implicit costs are not.
• D) explicit costs are included in economic profits, whereas implicit costs are not.
• E) explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction.

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Definitions:

Presence

The state or fact of existing, occurring, or being present in a place or thing.

Informed Commitment

A decision or pledge made with a full understanding of the facts, implications, and consequences.

Engaged Acceptance

is the mindful practice of actively embracing present experiences without judgment, often used in therapeutic contexts.

Learning Contract

An agreement between a learner and an educational institution or mentor outlining the goals, strategies, and outcomes expected from the learning experience.