Economy, asked by anandmohan200m, 3 months ago

23.
An explicit cost is :
(A)
the cost of giving up an alternative
(B)
the cost of a chosen alternative
(C)
calculated by subtracting the
monetary cost of an alternative by
the time invested
(D)
none of the above

Answers

Answered by sachinyamray

Explanation:

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Answered by Afreenakbar

Answer:

(B). The Cost of chosen Alternative.

Explanation:

An explicit cost, also known as a "dollar cost," is the cost of a chosen alternative (B).

It is a direct cost that is incurred and can be easily quantified in monetary terms.

Examples of explicit costs include wages paid to employees, materials purchased, rent on a building, and any other payments made to suppliers or lenders.

These costs are a direct result of the business operations and can be easily identified and accounted for in the company's financial records. In contrast, implicit costs, also known as opportunity costs, are the cost of giving up an alternative (A).

These costs are indirect and are not reflected in the company's financial records, but rather represent the benefits that could have been obtained by choosing a different alternative.