Examlex
In a behavior modification program at the local school, children were given "good behavior" slips that could be exchanged for candy or toys at the end of the week. Which of the following would be a FALSE statement regarding this type of reinforcement?
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action, the benefits you could have received by taking an alternative action.
Marginal Cost
The cost added by producing one more item of a product, a crucial factor in economic decision-making regarding production levels.
Economic Profit
The difference between a firm’s total revenues and its total costs, including both explicit and implicit costs, representing the actual financial gain.
Accounting Profit
The total revenue of a business minus its explicit costs, reflecting the financial gain as recorded in the financial statements.
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