If a Firm Uses Factor Inputs That Are Personally Owned

question 80

Multiple Choice

If a firm uses factor inputs that are personally owned by the firm's owner,then economists refer to the opportunity cost of these inputs as

• A)implicit costs.
• B)inverted costs.
• C)accounting costs.
• D)direct production costs.
• E)sunk costs.

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Definitions:

Repression

A defense mechanism proposed by Freud, which involuntarily pushes threatening or disturbing thoughts out of conscious awareness.

Source Amnesia

A memory disorder in which someone can remember certain information but is unable to recall where, when, or how that information was acquired.

Proactive Interference

The phenomenon where old memories inhibit the capacity to remember new information.

Retrieval Cues

Stimuli or prompts that aid the recall of information stored in memory.