Explicit Costs

question 52

Multiple Choice

Explicit costs

• A) are the only costs that matter to business owners.
• B) usually exceed implicit costs.
• C) are difficult to measure.
• D) appear on the firm's balance sheet.
• E) tend to be less than implicit costs.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.