How Are Implicit Costs Defined

question 67

Multiple Choice

How are implicit costs defined?

• A)Accounting profit minus explicit cost.
• B)The nonmonetary opportunity cost of using the firm's own resources.
• C)The deferred cost of production.
• D)Total cost minus fixed costs.

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Definitions:

Flex-Time

A flexible working hours scheme that allows workers to alter workday start and finish times.

Compressed Work Week

An alternative work schedule allowing employees to work their standard hours in fewer days per week.

Core Time

Designated time periods during which employees are required to be at work or available, typically within flexible work schedules.

Flex-Time

Flex-Time is an employment practice that allows workers to choose their work hours within a specified range to accommodate personal needs and preferences, promoting work-life balance.