Costs That Do Not Involve Actual Payment by a Firm

question 57

Multiple Choice

Costs that do not involve actual payment by a firm to factors of production but which nevertheless represent costs to the firm in the sense that in order to use certain inputs in the production process the firm has to abandon opportunities to use them elsewhere are:

• A) explicit costs
• B) opportunity costs
• C) fixed costs
• D) historical costs
• E) variable costs

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Definitions:

Concrete Operational

A stage in Piaget's theory of cognitive development during which children begin to think logically about concrete events.

Preoperational

Refers to Piaget's stage of cognitive development in children aged 2 to 7, characterized by symbolic thinking, egocentrism, and a lack of logical operations.

Cognitive-Developmental Theory

A theory of psychological development that emphasizes the growth and changes in how people think over time, including understanding the nature of intelligence.

Social-Learning Theory

A theory that suggests people learn new behaviors through observation and imitation of others, rather than through direct experience.