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What event started the Asian financial crisis in 1997?
Implicit Costs
The opportunity costs of using resources owned by the firm for its project instead of selling or renting them to others.
Fixed Costs
Costs that do not vary with the level of production or output, such as rent, salaries, and insurance.
Variable Costs
Variable costs are expenses that change in proportion to the level of production or business activity.
Average Fixed Costs
The total fixed costs of production divided by the number of units produced, representing the fixed cost per unit of output.
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