Grass Growing in a Field Is Eaten by a Deer

question 33

Multiple Choice

Grass growing in a field is eaten by a deer. Later on, the deer dies and its body is decomposed, in part, by bacteria. In this scenario, which organism(s) are consumers?

• A)grass only
• B)deer only
• C)bacteria only
• D)grass and bacteria
• E)deer and bacteria

Calculate and distinguish between accounting profit and economic profit.

Recognize explicit costs and their impact on a firm's financial statements.

Comprehend the relationship between economic profit, accounting profit, and normal profit.

Identify the components of total production costs from an economist's perspective.

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Definitions:

Ethical Rationalization

The process of justifying actions or decisions based on ethical principles, often used to explain or defend moral choices.

Forecasting

The process of making predictions about future events or trends, based on analysis of historical data and current information.

Cognitive Dissonance

A psychological phenomenon experienced when an individual holds two or more contradictory beliefs, ideas, or values, leading to discomfort and the motivation to reduce the inconsistency.

Unethical Decision

A choice made that goes against moral principles or ethical standards, often resulting in harm or unfairness to individuals or groups.