What are implicit costs? an implicit cost is

a. a cost that remains constant as output changes.

b. a cost that changes as output changes.

c. a cost incurred in the long run.

d. a nonmonetary opportunity cost.

e. the highest-valued alternative that must be given up to engage in an activity. how are implicit costs different from explicit costs?

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 holding output constant, while an implicit cost is a cost incurred as output changes.

d. an explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run.

e. both a and

b?