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Answer :
Final answer:
The explicit cost of production is the opportunity cost minus the implicit cost.
Explanation:
The explicit cost of production equals the opportunity cost minus the implicit cost. In other words, explicit costs are the actual out-of-pocket expenses a firm incurs to produce goods or services, such as wages, rent, and materials.
Implicit costs, on the other hand, refer to the opportunity cost of using resources that the firm already owns, such as the cost of using space in a factory that could have been rented out to another business.
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