If a Firm Uses Factor Inputs That Are Personally Owned

question 13

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

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Definitions:

Hormones

Chemical messengers produced by endocrine glands that travel through the bloodstream to target organs, regulating various bodily functions and processes.

Neurotransmitters

Chemicals that transmit signals across a synapse from one neuron to another neuron or to a target cell in a muscle or gland.

Synaptic Cleft

Gap separating the neuronal presynaptic membrane from the postsynaptic membrane.

Axon Terminal

The endpoint of a neuron where neurotransmitters are released to communicate with neighboring neurons, muscles, or glands.