Which of the Following Examples Best Illustrates the Principle of Sensory

question 59

Multiple Choice

Which of the following examples best illustrates the principle of sensory adaptation?

• A) the shock felt by a swimmer who jumps into a pool of ice cold water
• B) your awareness of the weight of your backpack when you first pick it up
• C) the irritation felt when your roommate turns on your bedroom light at 3 a.m.
• D) your eventual failure to notice the background music at a restaurant
• E) A and B are correct.

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Definitions:

Implicit Costs

Implicit costs refer to the opportunity costs of using resources that a company already owns, without any direct payment, for its own production purposes.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.

Total Cost

The total amount of money spent on creating goods or services, encompassing both constant and fluctuating expenses.

Implicit Cost

Represents the opportunity costs of using resources owned by the firm for its own production processes, without direct payment.