Implicit and Explicit Costs Are Different in That

question 21

Multiple Choice

Implicit and explicit costs are different in that:

• A)explicit costs are relevant only in the short run
• B)implicit costs are relevant only in the short run
• C)explicit costs are relevant only in the long run
• D)explicit costs refer to the nonexpenditure costs and implicit costs to out-of-pocket costs
• E)implicit costs refer to nonexpenditure costs and explicit costs to out-of-pocket costs

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Definitions:

Pavlov

A Russian physiologist best known for his work in classical conditioning, demonstrating how associative learning occurs through stimuli and responses.

Salivate

The secretion of saliva, often in response to the sight, smell, or taste of food, as part of the digestive process.

Psychologists

Professionals who study cognitive, emotional, and social processes and behavior by observing, interpreting, and recording how individuals relate to one another and to their environments.

Self-employed

refers to an individual who works for themselves, rather than for an employer, taking on contracts or running their own business.