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A nurse is performing therapeutic touch with a person.Which of the following would be the first action that the nurse would take?
Implicit Costs
Costs that represent the opportunity cost of using resources that are not directly paid for, such as the owner’s time or the use of assets owned by the firm.
Explicit Costs
Direct, out-of-pocket payments for resources or services used in the production process.
Accounting Profits
Represents the difference between total revenue and explicit costs of a firm.
Economic Profit
The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used, often considered in terms of exceeding the company's normal profit level.
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