Question

what is meant by explicit cost?​

Answer 1

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An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, where no actual payment is made.

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Answer 2

Answer:

An explicit cost is a direct payment made to others in the course of running a business , such a wage , rent and materials , as opposed to implicit cost , where no actual payment is made....

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