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Which sociological perspective would look at how racism can be a part of the social structure and social institutions?
Implicit Costs
Costs that represent the value of resources used in production for which no direct payment is made.
Explicit Costs
Direct, out-of-pocket payments a firm makes to purchase the inputs it needs for production, such as wages, rent, and materials.
Calendar Time
The concept of time as measured by calendar units, such as days, months, and years, used in planning and scheduling.
Long Run
An economic phase where all elements of production and expenses can fluctuate, enabling complete adaptation to any alterations.
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