Implicit and explicit costs are different in that:

A) explicit costs are opportunity costs;implicit costs are not.
B) implicit costs are opportunity costs;explicit costs are not.
C) the latter refer to nonexpenditure costs and the former to monetary payments.
D) the former refer to nonexpenditure costs and the latter to monetary payments.

Implicit Costs

The opportunity costs of using resources that a company already owns, essentially the income the company could have earned by using these resources in another way.

Explicit Costs

Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages and materials.

Nonexpenditure Costs

Costs not directly involving monetary payment but may include time, effort, or loss of opportunity.