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What is the optic disk?
Explicit Costs
Direct payments made to others in the course of running a business, such as wage, rent, and materials.
Production Costs
The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.
Accounting Profit
The total revenue of a business minus its explicit costs, not including opportunity costs.
Opportunity Cost
The opportunity cost of an alternative is the profit you give up to pursue it.
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