Examlex
Which variable of the MTC:R3 is a powerful predictor of recidivism and offending frequency?
Implicit Costs
Denotes the opportunity costs of utilizing resources owned by the firm for its operations, instead of allocating them elsewhere to earn a return.
Total Cost
The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.
Accounting Profit
The difference between total revenue and explicit costs of a business.
Economic Profit
The profit a company makes after deducting both explicit and implicit costs, reflecting the total opportunity costs of its resources.
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