When making decisions,a person should consider only costs that actually involve an explicit money outlay.This is because such costs actually have to be paid,whereas implicit costs are only notional or hypothetical.

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When making decisions, a person should consider both explicit and implicit costs. Implicit costs refer to the opportunity costs of the next best alternative foregone and can have a significant impact on decision-making. While implicit costs do not involve an explicit money outlay, they are still relevant and should be considered in decision-making.

When Making Decisions,a Person Should Consider Only Costs That Actually