Question

define opportunity cost for producers​

Answer 1

Answer:

Explicit costs are opportunity costs when producers make direct payments for expenses such as salaries and wages of employees, rent and utility expenses, and material costs. For example, a company has a $10,000 rent expense. The opportunity cost of $10,000 could have been spent on other aspects of business operations.

Answer 2

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Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. opportunity cost is the most valuable good or service that is not produced as a result of the decision to produce something else. Opportunity cost can be related to decisions to save or consume.