Cost paid in money to hire a resource isGroup of answer choicesan alternative-use cost.an implicit cost.an explicit cost.economic profit.

Question

Cost paid in money to hire a resource isGroup of answer choicesan alternative-use cost.an implicit cost.an explicit cost.economic profit.
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Solution 1

The cost paid in money to hire a resource is an explicit cost.

Here's why:

  1. An explicit cost involves a direct payment of money to purchase something or hire a resource. It's a clear, out-of-pocket expense.

  2. An implicit cost, on the other hand, is a cost that has occurred but is not initial Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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