One difference between implicit costs and explicit costs is that:
One difference between implicit costs and explicit costs is that:
implicit costs are included in accounting profits, whereas explicit costs are not.
implicit costs are included in economic profits, whereas explicit costs are not.
explicit costs are included in accounting profits, whereas implicit costs are not.
explicit costs are included in economic profits, whereas implicit costs are not.
explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction.
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