When Fixed Costs Are Ignored Because They Are Irrelevant to a Business's

question 142

Multiple Choice

When fixed costs are ignored because they are irrelevant to a business's production decision, they are called

• A)explicit costs.
• B)implicit costs.
• C)sunk costs.
• D)opportunity costs.

---

Definitions:

Functionalism

A school of psychology emphasizing questions such as why the mind or a particular cognitive process works the way(s) it does.

Structuralism

One of the earliest schools of cognitive psychology. It focused on the search for the simplest possible mental elements and the laws governing the ways they could be combined.

Laboratory Experimentation

A methodological approach within scientific research where variables are controlled and manipulated to determine their effects on outcomes of interest in a lab setting.

Conscious Thought

The state of being aware of one's thoughts, feelings, and sensations; it involves processes that are within an individual's direct awareness.