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Excitation transfer theory of emotion states that arousal intensifies with emotion and it is non-specific to whether the emotion is positive or negative.
Total Variable Cost
The total of all costs that vary with output level, including materials, labor, and other expenses that increase as production increases.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own use, rather than earning income from these resources elsewhere.
Explicit Costs
Direct, out-of-pocket payments for inputs or resources employed in the production of goods or services.
Total Cost
The aggregate amount of expenses incurred by a business in producing goods or services, including both fixed and variable costs.
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