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Homework answers / question archive / 1) Explain the difference between explicit and implicit costs and use these concepts to explain why accounting profit may overstate the profitability of a company
1) Explain the difference between explicit and implicit costs and use these concepts to explain why accounting profit may overstate the profitability of a company.
2) Explain why a perfectly competitive firm can sell as much as it wants at the market price but a monopolist must lower its price to sell more.