A Firm's Opportunity Costs of Using Resources Provided by the Firm's

question 111

Multiple Choice

A firm's opportunity costs of using resources provided by the firm's owners are called

• A)sunk costs
• B)fixed costs
• C)explicit costs
• D)implicit costs
• E)entrepreneurial costs

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Definitions:

Memory

The cognitive function that allows an individual to store, retain, and recall information from past experiences.

Autonomic Nervous System

The part of the nervous system that controls involuntary bodily functions, including heart rate, digestion, and respiratory rate, comprised of sympathetic and parasympathetic divisions.

Somatic Nervous System

is part of the peripheral nervous system associated with voluntary control of body movements through the action of skeletal muscles.