Examlex
Which of the following statements best explains why there may be poor air quality in a sealed building?
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.
Accounting Profits
The net income for a company after all expenses have been deducted from revenues, according to generally accepted accounting principles.
Implicit Costs
The opportunity costs of using resources owned by the company for its own operations, rather than earning income elsewhere.
Explicit Costs
Direct payments made to others in the course of running a business, such as wages, rent, and materials.
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