Implicit Costs

question 79

Multiple Choice

Implicit costs:

• A)are always fixed.
• B)measure the forgone opportunities of the owners of the business.
• C)always exceed explicit costs.
• D)are irrelevant to business decisions.

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Definitions:

Performance

The act of carrying out a task or the level of efficiency with which it is executed.

Recognition

The ability to identify previously encountered events, objects, or people, demonstrating memory of the experience.

Sensory Register

The initial stage of storing sensory information, where sights, sounds, and other sensory input are retained very briefly before being processed.

Sensory Images

Mental representations or impressions formed from the input of the five senses, enabling visualization or imagination of experiences.