Explicit costs are nonmonetary costs.

Name: Explicit costs are nonmonetary costs.
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Explicit costs are monetary costs that involve direct monetary payments, such as the cost of raw materials, rent, and salaries. Nonmonetary costs are referred to as implicit costs, which do not involve direct monetary payments but are still important to consider, such as the opportunity cost of using resources for one purpose over another.

Explicit Costs Are Nonmonetary Costs