Discussion Post: Explicit Implicit Cost
• Explain the difference between explicit and implicit costs and use these concepts to explain why accounting profit may overstate the profitability of a company.
• 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.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.