From the Manager's Perspective

question 32

Multiple Choice

From the manager's perspective:

• A)it is important to treat implicit costs as explicit in order to make sound strategic decisions.
• B)implicit costs are simply a theoretical construct and should be ignored in the decision-making process.
• C)only explicit costs matter because accounting profit is based on explicit costs.
• D)there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.

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Definitions:

Memory System

The structures and processes involved in the storage and retrieval of information in the brain.

Long-Term Memory

The phase or type of memory responsible for the storage of information over an extended period, from hours to a lifetime.

Permanent

Lasting or intended to last or remain unchanged indefinitely.

Portion

A part of a whole, especially a specific amount of food allocated to serve as a single serving or component of a meal.