Question

trains between explicit cost and implicit cost​

Answer 1

Key Differences Between Explicit Cost and Implicit Cost

Explicit Cost is incurred when the entity has to pay for the utilisation of factors of production. Implicit Cost is the opportunity cost, which is incurred when the entity uses the owner's resources like capital inventory etc.

Answer 2

Answer:

Key Differences Between Explicit Cost and Implicit Cost

Explicit Cost is incurred when the entity has to pay for the utilisation of factors of production. Implicit Cost is the opportunity cost, which is incurred when the entity uses the owner's resources like capital inventory etc.

Explanation:

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