A Firm's Opportunity Cost of Using Resources Provided by the Firm's

question 227

Multiple Choice

A firm's opportunity cost of using resources provided by the firm's owners is called:

• A) sunk costs.
• B) fixed costs.
• C) explicit costs.
• D) implicit costs.
• E) entrepreneurial costs.

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Definitions:

Behavior Modification

A psychological treatment method that alters undesirable behaviors through rewards, punishments, or other strategies.

Tokens

Symbolic, often physical, items used in a token economy system to reward desirable behavior and which can be exchanged for other rewards.

Biofeedback

The use of sensitive equipment to give people precise feedback about internal physiological processes so that they can learn, with practice, to exercise control over them.

Spinal Cord Injuries

Damage to the spinal cord that causes changes in its function, potentially resulting in loss of mobility or sensation.