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Which one of the following statements is INCORRECT?
Accounting Profits
The net income for a company after all expenses have been deducted from revenues, according to generally accepted accounting principles.
Implicit Costs
The opportunity costs of using resources owned by the company for its own operations, rather than earning income elsewhere.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
Implicit Costs
Costs that represent foregone opportunities, such as the income a business owner forgoes by investing in their own company instead of elsewhere.
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