Explicit Costs

question 82

Multiple Choice

Explicit costs

• A)Include only payments to labor.
• B)Are the dollar payments made for the use of resources.
• C)Include the market value of all resources used to produce a good.
• D)Are the total value of resources used to produce a good but for which no monetary payment is made.

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Definitions:

Genetic Makeup

The unique set of genes and alleles present in an organism, determining its hereditary characteristics.

Psychological

Psychological pertains to the mind or mental processes and how they influence behavior, emotions, and attitudes.

Behavioral

Relating to or concerned with the actions or activities of living organisms towards their environment.

Titchener

Edward Titchener, an early psychologist known for developing structuralism, which aimed to understand the structure of the mind through introspection.