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In psychological studies, randomization is used to ensure that:
a. there will be an independent and dependent variable.
b. each person has an equal chance of being assigned to each group.
c. the control group does not know the purpose of the study.
d. the experimenter won't know who is in each group.
Economic Rents
Extra earnings above the minimum amount necessary to keep a factor of production in its current use.
Accounting Costs
The explicit costs of a business, representing the actual outflows of cash for wages, rent, materials, and other tangible inputs.
Economic Costs
The total cost of choosing one action over another, including both explicit (direct monetary costs) and implicit (opportunity costs) factors.
Long-Run Equilibrium
A state in a market where all resources are optimally allocated and economic forces are balanced, with no tendency for change until external conditions change.
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