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What are the difference between explicit cost and implicit cost?
Both are concerns to Opportunity Cost and Decisions:
An explicit cost is a cost which involves essentially laying out money.
An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.
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Given the above trade between the two countries, explain the trade effects on product prices, and factor incomes. Why do these effects occur?
Typical start-up businesses' estimated profit are forecasted as following: State Bad Good Probability 81% 21%
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