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Economists consider both explicit costs and implicit costs when measuring economic profit. The reason economists consider implicit costs is that A. most businesses forget to
Economists consider both explicit costs and implicit costs when measuring economic profit. The reason economists consider implicit costs is that
A. most businesses forget to pay their implicit costs.
B. implicit costs include expenses like taxes and fees to the government.
C. implicit costs are typically far larger than explicit costs.
D.they are more conservative than accountants, who consider only accounting costs.
E. implicit costs are relevant for firms deciding whether to stay in business.
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