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Which statement is false, given what you know about the local substitution argument?
Variable Costs
Costs that vary directly with the level of production or output, for example, materials and labor costs used in manufacturing.
Accounting Profit
The net income of a company calculated by deducting all operational and overhead costs from total revenue, according to generally accepted accounting principles.
Accounting Profit
Accounting profit is the net income for a company calculated by subtracting total expenses from total revenues, according to generally accepted accounting principles.
Explicit Costs
Payments made directly to individuals or entities for wages, rent, and materials as part of business operations.
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