One Difference Between Implicit Costs and Explicit Costs Is That

question 9

Multiple Choice

One difference between implicit costs and explicit costs is that

• A) implicit costs are included in accounting 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 accounting 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:

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The state of being higher in rank, status, or quality than others.

Higher-Level Needs

Needs at the top of Maslow's hierarchy, including esteem and self-actualization needs, which focus on achieving one's potential and self-fulfillment.