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Regarding facial expressions, which of the following statements is FALSE?
Explicit and Implicit Costs
Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.
Marginal Costs
The cost of producing one additional unit of a good or service, reflecting the change in total cost that comes from a one unit increase in output.
Marginal Benefits
The additional benefit received from consuming or producing one more unit of a good or service.
Production
The process of combining various material inputs and immaterial inputs (plans, knowledge) to make something for consumption (the output).
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