In the model of the perfectly competitive firm,the firm's fixed costs are equal to its implicit costs of production.

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In the model of the perfectly competitive firm, fixed costs refer to expenses that do not change with the level of output, such as rent or salaries, while implicit costs are the opportunity costs of using resources that the firm already owns, rather than out-of-pocket or explicit costs.

In the Model of the Perfectly Competitive Firm,the Firm's Fixed