If You Are a Sole Proprietor of a Firm and You

question 118

Multiple Choice

If you are a sole proprietor of a firm and you do not pay yourself a regular wage,then the value of the wage you could have earned elsewhere is

• A)an explicit cost.
• B)an accounting cost.
• C)an implicit cost.
• D)not a cost.

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Definitions:

Door-in-the-face Technique

A persuasion strategy where a large, likely-to-be-rejected request is followed by a smaller, more reasonable request.

Election Sign

A physical marker or poster designed to promote or indicate support for a particular candidate or political position during electoral campaigns.

Politician

An individual who is actively involved in politics, especially one holding or seeking an elected office.

Cognitive Dissonance Theory

A psychological theory suggesting that individuals experience discomfort when holding two or more conflicting beliefs, leading to an alteration in beliefs or behaviors to reduce discomfort.