If a Firm Uses Factor Inputs That Are Personally Owned

question 13

Multiple Choice

If a firm uses factor inputs that are personally owned by the firm's owner,then economists refer to the opportunity cost of these inputs as

• A)direct production costs.
• B)accounting costs.
• C)sunk costs.
• D)implicit costs.
• E)inverted costs.

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Definitions:

Polyandrous

Referring to a mating system in which a female has multiple male partners at the same time.

Polygynous

A mating system in which a male animal has more than one female mate.

Promiscuous

Engaging in casual and frequent sexual activity with different partners or being indiscriminate in the selection of sexual partners.

Habituation

A psychological learning process wherein there is a decrease in response to a stimulus after being repeatedly exposed to it.