COGNITIVE ASSESSMENT When a Photographer Decides to Purchase a Digital

question 26

Multiple Choice

COGNITIVE ASSESSMENT When a photographer decides to purchase a digital camera, what are the three basic types of cameras from which he can choose?

• A) point-and-shoot camera, studio camera, field camera
• B) SLR camera, point-and-shoot camera, stabilized platform camera
• C) field camera, indoor camera, stationary camera
• D) removable lens camera, studio camera, high-resolution camera

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Definitions:

Explicit Costs

Direct, out-of-pocket expenses incurred in the operation of a business, such as wages, rent, and materials.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns, without having to pay rent or purchase them.

Capital

Economic resource that is used in the production of goods and services. It includes tools, buildings, machinery, and equipment.

Either-Or Decision

A decision-making process that involves choosing between two mutually exclusive options or paths.