Animal Physiology Is the Study of

question 24

Multiple Choice

Animal physiology is the study of

• A)how structures allow animals to function.
• B)the chemical reactions found in animals.
• C)the genetic lineage seen in the evolution of animals.
• D)migratory patterns of animals.

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Definitions:

Implicit Costs

The opportunity costs that arise from using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Normal Profit

The lowest amount of profit a company must earn to stay competitive and cover its opportunity costs.

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.