A Kind of Analogy or Mental Image of a Phenomenon

question 29

Multiple Choice

A kind of analogy or mental image of a phenomenon in terms of something we are familiar with is referred to as a

• A)model.
• B)theory.
• C)law.
• D)principle.
• E)hypothesis.

---

Definitions:

Explicit Costs

Direct, out-of-pocket payments for costs of production, such as wages, rent, and materials, that a company incurs in conducting its business.

Implicit Costs

Costs that represent the opportunity cost of using resources that a business already owns, rather than explicit outlays of cash.

Total Revenue

The total amount of money received by a company from selling goods or services before any expenses are subtracted.

Explicit Costs

Direct, out-of-pocket payments for resources or services used in the production of goods or services.