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Mauricio is an automobile mechanic. Next week, he is meeting in person a woman he has been flirting with online. Because he does not want her to focus on his job as a mechanic, he is careful this week to wear gloves while at work, to prevent oil from staining his hands. Mauricio is engaging in what behavior?
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.
Implicit Cost
The opportunity cost equal to what a firm must give up in order to use resources it already owns, not directly involving monetary payment.
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