Implicit Costs Are

question 436

Multiple Choice

Implicit costs are

• A)the same as economic costs.
• B)comprised entirely of actual expenses paid by the firm for its inputs.
• C)opportunity costs of self-employed resources.
• D)always greater than accounting costs.

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Definitions:

Cumulative Continuity Principle

The idea that personality becomes more stable and unchanging as a person gets older.

Rank-Order Consistency

The degree to which the relative ordering of individuals on a particular trait remains stable over time.

Personality Traits

Enduring characteristics that describe an individual's behavior, temperament, and emotional patterns.

Maturity Principle

The concept that individuals become more conscientious, agreeable, and emotionally stable as they age.