When we consider costs in economics, we include explicit cost only.

1.	When we consider costs in economics, we include explicit cost only.
Answer» Solution :False. Costsin economics INCLUDE both explicit and implicit costs.Implicit cost is the opportunity cost equal to what a firm MUST give up in ORDER to use a FACTOR of productionfor which it already owns and thus does not pay rent .It is the opposite of an explicit cost,Which is borne DIRECTLY.

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