Implicit Cost Is a

question 134

Multiple Choice

Implicit cost is a

• A)cost that is incurred when a monetary payment is made.
• B)cost incurred in the past that cannot be changed by current decisions and therefore cannot be recovered.
• C)cost that represents the value of resources used in production for which no monetary payment is made.
• D)sunk cost.

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Definitions:

Legal Positivism

A theory of law that holds that laws are rules made by human beings and are not derived from morality or any external source of authority.

Legal Realism

A theory of law that emphasizes the role of judges' personal views and real-world consequences in judicial decision-making.

Natural Law Theory

A philosophical theory asserting that certain rights or values are inherent by virtue of human nature and can be universally understood through human reason.

Feudal Responsibility

Refers to the obligations and duties in the feudal system where a vassal must serve a lord in exchange for land or protection.