Implicit Cost Is the Opportunity Cost of the Inputs That

question 128

True/False

Implicit cost is the opportunity cost of the inputs that do not require monetary payment.

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Definitions:

Assimilate

To absorb and integrate new information, cultures, or ideas into one's existing knowledge base or cultural identity.

Attitude Commitment

The degree to which an individual is psychologically attached to their attitudes or beliefs.

Balance Theory

A psychological theory explaining how individuals maintain harmony and consistency in their relations and attitudes.

Sentiment

An attitude, thought, or judgment prompted by feeling or emotion.