Explicit costs are
a. not part of opportunity cost
b. the only cost considered in opportunity cost
c. exactly the same as implicit costs
d. actual monetary payments for resources purchased
e. the opportunity costs of using resources owned by the firm
Question 2
The opportunity cost of a resource
a. includes both explicit and implicit cost
b. includes explicit cost only
c. includes implicit cost only
d. is equal to the market price of the resource
e. is not related to the market price of the resource
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