Understanding Explicit Cost in Decision-Making Quiz
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Questions and Answers

What is explicit cost a part of?

  • Variable costs
  • Fixed costs
  • Sunk costs
  • Opportunity costs (correct)

    • Which type of cost does explicit cost contribute to?

  • Marginal costs
  • Average costs
  • Historical costs
  • Total opportunity costs (correct)

    • What is the role of explicit cost in decision-making?

  • It only affects fixed costs
  • It influences the overall opportunity costs (correct)
  • It is irrelevant in decision-making
  • It impacts variable costs

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