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Visualize five horizontal sedimentary strata exposed in a cliff or canyon wall identified by consecutive numbers, 1 being the lowest bed and 5 being the highest. Which of the following statements concerning the strata are true?
Fixed Input
Inputs used in production that cannot be varied in the short term, such as buildings or machinery.
Plant Size
The physical capacity or dimensions of a manufacturing facility.
Implicit Costs
They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.
Economic Costs
The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.
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