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Who is 'sanctifying' their deceased husband?
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.
Accounting Profit
The total revenue of a business minus the explicit costs associated with that revenue, calculated using generally accepted accounting principles (GAAP).
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
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