Explicit costs are:
A) fixed costs.
B) variable costs.
C) opportunity costs.
D) payments made to acquire factors of production such as labor and machinery.

Name: Explicit costs are: A) fixed costs. B) variable costs. C) opportunity costs. D) payments made to acquire factors of production such as labor and machinery.
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Question

Quizplus · Accepted Answer

Explicit costs are direct payments made to others in the course of running a business, such as wages, rent, and materials, which include payments for labor and machinery.

Explicit Costs Are