An Optimal Decision Is One That Is Selected Based on an Analysis

question 186

Multiple Choice

An optimal decision is one that is selected based on an analysis of

• A)explicit costs but not implicit costs.
• B)implicit costs but not explicit costs.
• C)both explicit costs and implicit costs.
• D)neither explicit costs nor implicit costs.

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Definitions:

Clean Water Act

A fundamental U.S. federal law enacted in 1972 aimed at reducing pollutants discharged into waterways and regulating quality standards for surface waters.

Federal Penalties

Sanctions imposed by federal law for violations of federal statutes, which can include fines, imprisonment, or other punishments.

Incarceration

The state of being confined in prison; imprisonment.

Wetland

An area of land saturated with water, either permanently or seasonally, creating a distinct ecosystem often rich in biodiversity.