Individuals Are More Likely to Accept the Blame for Failure

question 179

True/False

Individuals are more likely to accept the blame for failure when it is due to something that they can control in the future, such as working harder or planning better.

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Definitions:

Explicit Costs

These are the direct, out-of-pocket payments made by businesses for operational expenses like wages, rent, and materials.

Monetary Outlay

The amount of money spent on a particular transaction or investment.

Implicit Costs

The opportunity costs that arise when a company uses internal resources without a direct payment.

Explicit Costs

Direct payment made to others in the course of running a business, such as wages, rent, and materials.