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Describe three types of proposals and under what conditions they will be used.
Breaking Even
The situation in which a firm is earning exactly a normal rate of return.
Economic Profit
This refers to the surplus remaining after subtracting both visible and hidden costs from total revenues, highlighting a firm's genuine financial gain.
Annual Profit
Annual profit refers to the total profit a business earns over the course of a fiscal year, accounting for all revenues minus expenses during that period.
Variable Costs
Costs that vary directly with the level of production or service activity, such as materials and labor.
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