Examlex
Three of the following are consistent with the textbook's recommendations for using peer tutoring. Which one is inconsistent with the textbook's recommendations?
Implicit Costs
The opportunity costs associated with a company's own resources, not directly paid for with cash but are the result of using assets instead of investing them elsewhere.
Economic Profit
The difference between total revenue and the total costs, including both explicit and implicit costs, unlike accounting profit which only considers explicit costs.
Explicit Costs
Direct financial payments made to acquire resources or services for business operations.
Total Economic Costs
The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.
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