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Which is a characteristic of hydrophobic hormones?
Accounting Profit
The total revenue of a business minus the explicit costs, representing the financial gain in accounting terms.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional return over the investor's opportunity cost.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.
Explicit Costs
These are the direct, out-of-pocket payments made by businesses for operational expenses like wages, rent, and materials.
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