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Which of the following applications would benefit from the use of a compensating fifth wheel?
Economic Profits
Profits exceeding the opportunity costs of all resources employed, reflecting a return beyond the normal profit level.
Economic Costs
The total value of all the resources used in the production of goods or services, including both explicit and implicit costs.
Economic Profit
The difference between total monetary revenue and the total costs of inputs (including opportunity costs), representing the financial gain exceeding the economic opportunity lost.
Normal Rate
The standard or usual rate for a task or service, often related to wages or interest.
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