(Answered) Question content areaPart 1What are implicit​ costs?Part 2An implicit cost isPart 3A.a cost that…

Part 1
What are implicit costs?
Part 2
An implicit cost is
Part 3
A.
a cost that changes as output changes.
B.
a cost that remains constant as output changes.
C.
a nonmonetary opportunity cost.
D.
the highest-valued alternative that must be given up to engage in an activity.
E.
a cost incurred in the long run.
Part 4
How are implicit costs different from explicit costs?
Part 5
A.
An explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost.
B.
An explicit cost is not an opportunity cost, while an implicit cost is an opportunity cost.
C.
An explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run.
D.
An explicit cost is a cost incurred holding output constant, while an implicit cost is a cost incurred as output changes.
E.
Both a and b.