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Which is not a true statement about the geologic time scale?
Implicit Costs
Implicit costs are the opportunity costs of using resources owned by the firm for its own use instead of other purposes.
Explicit Costs
Money paid out to different parties during the operation of a business, covering expenses like employee salaries, leasing costs, and material purchases.
Opportunity Costs
The value of the next best alternative forgone as a result of making a particular choice.
Production
The process of creating goods or services by combining various elements such as labor, technology, and raw materials.
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