When Economists Refer to a Production Cost That Has Already

question 116

Multiple Choice

When economists refer to a production cost that has already been committed and cannot be recovered, they use the term

• A)implicit cost.
• B)explicit cost.
• C)variable cost.
• D)sunk cost.

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Definitions:

Counterproductive Work Behavior

Actions by employees that go against the goals and interests of the organization, harming its functioning or resources.

Generation X

The demographic cohort following the baby boomers, typically defined as individuals born from the mid-1960s to early 1980s.

Self-Reliance

The reliance on one's own powers and resources rather than those of others.

Individualism

A social theory favoring freedom of action for individuals over collective or state control, emphasizing the moral worth of the individual.