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Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $ 5 5 , 0

Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $55,000. By choosing to operate the hardware store, Stanley has forgone other opportunities with value of $30,000. If Stanley has earned revenue of $75,000 from sales at the sore, Stanley is earning

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