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In the long run all costs are variable costs. Why?
Economic Growth
The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, often measured as the percentage increase in real gross domestic product (GDP).
Neoclassical School
An economic theory that emphasizes the role of supply and demand in determining the price and quantity of goods and services offered in a market, focusing on rational behavior and equilibrium.
Capitalism
An economic system where private individuals own and control trade and industry instead of the state.
Private Ownership
The legal right of a person or corporation to exclusively possess, control, and dispose of property or goods.
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