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A scale that uses the response options "very bad,bad,average,good,very good" is a(n) _____ rating scale.
Explicit Costs
The direct payment costs to others in the course of running a business or undertaking an economic transaction.
Implicit Costs
Costs that represent forgone opportunities, often not directly outlaid but incurred when resources are used for one purpose over another.
Marginal Cost
captures the cost added by producing one extra item of a product, emphasizing the concept of economies of scale and efficiency in production.
Marginal Product
An increase in output resulting from the use of one more unit of a particular input, holding all other inputs constant.
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