Lice and Mites

question 41

Multiple Choice

Lice and mites

• A)are both arachnids.
• B)may both be spread by personal contact.
• C)are intestinal parasites.
• D)cause Lyme disease.

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when making a decision.

Explicit Costs

Direct, out-of-pocket payments for goods or services used in the production of a product or service.

Production Costs

The total expenses incurred in the process of producing or manufacturing goods and services, including materials, labor, and overhead.

Opportunity Costs

Opportunity costs represent the benefits a person or business misses out on when choosing one alternative over another.