An Individual Buying a Computer Program ________

question 78

Multiple Choice

An individual buying a computer program ________.

• A)accrues liability for the usage of the program
• B)can install the program on multiple computers
• C)just buys a license to use the product
• D)can also use most other programs using the license

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Definitions:

Implicit Costs

Costs that represent foregone opportunities, such as the income a business owner forgoes by investing in their own company instead of elsewhere.

Explicit Costs

Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.

Opportunity Costs

The potential benefits missed out on when choosing one alternative over another.

Explicit Costs

Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.