when looking at the opportunity cost of an economic decision, what is meant by the explicit costs of that…

when looking at the opportunity cost of an economic decision, what is meant by the explicit costs of that decision?\noptions that were lost due to the decision\nany cost that can be measured in terms of money\nemployment opportunities the decision will create\nthe potential savings the decision will bring

when looking at the opportunity cost of an economic decision, what is meant by the explicit costs of that decision?\noptions that were lost due to the decision\nany cost that can be measured in terms of money\nemployment opportunities the decision will create\nthe potential savings the decision will bring

Answer

Brief Explanations:

Explicit costs are out - of - pocket monetary costs. They are tangible and can be easily measured in terms of money spent on goods, services, labor, etc. Options lost are opportunity costs, employment opportunities are not costs, and potential savings are not explicit costs.

Answer:

any cost that can be measured in terms of money