Question

costs are the monetary payments made for market-supplied inputs while costs are non-monetary opportunity costs.

Answer 1

Explicit costs are the monetary payments made for market-supplied inputs while implicit costs are non-monetary opportunity costs.

Market, a means by using which the alternate of goods and offerings takes location as a result of shoppers and dealers being in touch with one another, both without delay or through mediating dealers or establishments.

A market is an area in which consumers and sellers can meet to facilitate the alternate or transaction of goods and offerings. Markets can be physical like a retail outlet, or digital like an e-store. Different examples encompass illegal markets, auction markets, and financial markets.

The definition of a market is an area in which you go to buy matters or a call for a specific item. An example of a marketplace is a grocery save or a farmer's marketplace where stands are set up and fruits and vegetables are sold.

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