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What is the structure that is needed to process a menu selection?
Fixed Costs
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.
Economic Profits
Profits exceeding the total opportunity costs of a business, indicating it is outperforming its next best alternative.
Forgone Entrepreneurial Income
The potential income an entrepreneur misses out on when choosing to start their own business rather than working for wages.
Production Costs
Expenses related to the manufacture of goods or delivery of services, including materials, labor, and overhead.
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