An Implicit Cost Is

question 98

Multiple Choice

An implicit cost is

• A)a nonmonetary opportunity cost.
• B)a cost unique to sole proprietorships.
• C)a cost that involves spending money.
• D)a cost unique to corporations.

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Definitions:

Standard deviation

A measure of the dispersion or variability of a set of numerical data, indicating how much the individual data points deviate from the mean (average) of the data set.

Degrees of freedom

The count of independent variables or measurements that can change in an examination while still adhering to all limitations.

Confidence interval

A ladder of figures, gathered from statistical study of a sample, with a probability of including the undetected value of a population parameter.

SAT scores

Standardized test scores used primarily in the United States for college admissions, assessing reading, writing, and mathematical skills.