Implicit Costs

question 52

Multiple Choice

Implicit costs

• A) Include only payments to labor.
• B) Are the sum of actual monetary payments made for resources used to produce a good.
• C) Include the value of all resources used to produce a good.
• D) Are the value of resources used to produce a good but for which no monetary payment is made. Implicit costs are the value of resources used, even when no direct payment is made.

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Definitions:

Arterioles

Small branches of arteries leading into capillaries, responsible for regulating blood flow to specific areas of the body by constricting or dilating.

Lymphatic Capillaries

Tiny, thin-walled vessels located in the spaces between cells throughout the body, involved in the absorption of fluid and its movement through the lymphatic system.

Basement Membrane

A thin, dense layer of extracellular matrix that separates epithelial or endothelial cells from the underlying connective tissue, providing support and anchorage.

Blood Capillaries

The smallest blood vessels in the body, responsible for the exchange of oxygen, carbon dioxide, and other substances between blood and tissues.