How Are Implicit Costs Defined

question 67

Multiple Choice

How are implicit costs defined?

• A)Accounting profit minus explicit cost.
• B)The nonmonetary opportunity cost of using the firm's own resources.
• C)The deferred cost of production.
• D)Total cost minus fixed costs.

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Definitions:

Weak Superego

A concept in psychoanalytic theory indicating a deficiency in the part of the psyche that is responsible for morality, self-restraint, and guilt, leading to impulsive behaviors.

Reality Principle

A principle in psychoanalytic theory where the ego seeks to satisfy the id's desires in realistic and socially appropriate ways.

Ego

In psychoanalytic theory, the part of the personality responsible for dealing with reality, balancing the demands of the id and superego.

Reality Principle

A psychoanalytic concept that denotes the ability of the mind to assess the external world and act upon it accordingly, often in contrast to the pleasure principle.