Examlex
Placebo effects occur when a person believes they are cured by a particular technique, even if there is no causal reason for a cure to have occurred.
Explicit Costs
These are the direct, clear expenses related to business operations, such as salaries, utilities, and rent, that are easily quantifiable.
Accounting Profit
The difference between the total revenue and explicit costs of a firm, not accounting for implicit costs.
Economic Profit
The variance between a company's overall incomes and its combined explicit and implicit expenses.
Implicit Costs
The opportunity costs of using resources owned by the firm for its operations instead of renting, selling, or utilizing them in other ways.
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