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What is the product of the combination reaction that occurs when magnesium metal reactions with oxygen gas?
Total Cost
The aggregate amount of expenses incurred by a business in producing goods or services, including both fixed and variable costs.
Economic Profit
The variance between gross receipts and all outlays, including both tangible and intangible costs.
Accounting Profit
The total revenue of a business minus the explicit costs of operating, not including opportunity costs.
Implicit Costs
The opportunity costs that are not directly paid out but represent the loss of potential income from using resources in a certain way.
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