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Which of the following statements about anaerobic respiration is FALSE?
Economic Profits
The surplus generated from business activities after accounting for both explicit and implicit costs, including opportunity costs, representing above-normal returns.
Explicit Costs
Direct, out-of-pocket payments for costs of production, such as wages, rent, and materials, that a company incurs in conducting its business.
Implicit Costs
Costs that represent the opportunity cost of using resources that a business already owns, rather than explicit outlays of cash.
Total Revenue
The total amount of money received by a company from selling goods or services before any expenses are subtracted.
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