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The Human Genome Project involves a large number of scientists who are trying to determine the biochemical nature of all the genes on each chromosome in the human body. These scientists come from a variety of areas, including psychology. Which type of psychologist is most likely to work on this project?
Implicit Cost
The opportunity cost equal to what a firm must give up in order to use resources it already owns for production, without direct payment.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.
Economic Profit
The difference between total revenue and total cost, including both explicit and implicit costs.
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