An Explicit Cost Is

question 207

Multiple Choice

An explicit cost is

• A)omitted when accounting profits are calculated.
• B)a money payment made for resources not owned by the firm itself.
• C)an implicit cost to the resource owner who receives that payment.
• D)always in excess of a resource's opportunity cost.

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Definitions:

Unrestrained Zeal

Excessive enthusiasm or eagerness that is not limited or controlled.

Justice System

A framework of legal institutions, laws, and practices aiming to ensure fairness, resolve disputes, and punish wrongdoing.

Counterbalance

To oppose or offset the effect of something with an equal but opposite force or influence, maintaining equilibrium.

Prosecution and Defense

The two opposing sides in a court case; the prosecution argues the case against the defendant, while the defense represents and argues on behalf of the defendant.