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Implicit costs are the opportunity costs of using resources that a firm already owns, rather than renting or purchasing them from the market. These costs do not involve direct monetary payments, but they represent the value of the next best alternative foregone. For example, if an entrepreneur uses her own building for running a business instead of renting it out, the foregone rental income is considered an implicit cost. Similarly, if the owner invests personal savings in the business, the interest income that could have been earned elsewhere is also _____ _________ _______ ______ ____ ______ _________ _______ __________.
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