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Which of the following statements regarding inflammation is incorrect?
Production Costs
The total expenses incurred in the process of producing or manufacturing goods and services, including materials, labor, and overhead.
Opportunity Costs
Opportunity costs represent the benefits a person or business misses out on when choosing one alternative over another.
Implicit Costs
The opportunity costs of using resources that a firm already owns, representing the income the firm foregoes by using those resources internally rather than renting or selling them.
Explicit Costs
Explicit costs are direct, out-of-pocket payments for resources or services needed for production, such as wages, rent, and materials; they're easily quantifiable and recorded.
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