Explicit Costs Are

question 69

Multiple Choice

Explicit costs are

• A) the opportunity costs of all resources used by the firm.
• B) the costs associated with the resources that the firm owns.
• C) actual expenditures that a firm must make.
• D) all costs associated with the short run.

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Definitions:

External Locus of Control

The belief that external forces beyond one's personal control determine life's events, leading to a perception of having little influence over one's fate.

Luck

The experience of notably positive, negative, or improbable events.

Exertion of Energy

The physical or mental effort applied to do something or achieve a particular result.

Self-Control

The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses.