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1. Why does true net income not exist as a well-defined economic construct? a. Accountants seek to report useful financial information, not necessarily true net

1. Why does true net income not exist as a well-defined economic construct?

a. Accountants seek to report useful financial information, not necessarily "true" net income.

b. Markets are incomplete.

c. Securities markets may not be fully efficient.

d. Subjective state probabilities do not exist.

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