Choose the inappropriate explanation on the operating exposure.

Group of answer choices

None of the options $($choose this if all explanations are correct$).$

Its measure is the effect of unanticipated changes in exchange rates on the dollar value of contractual obligations denominated in a foreign currency.

Its measure is the extent to which the firm's operating cash flows will be affected by unexpected changes in exchange rates.

It is the link between a firm's future operating cash flows and exchange rate fluctuations.

It is related to the changes in a company$$s competitive position due to changes in foreign exchange rates.