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Research on the once-controversial linguistic relativity hypothesis has revealed that it does an effective job of explaining the link between language, thought, and perception and may actually have initially been understated.
Marginal Cost
The additional cost incurred in the production of one extra unit of a good or service.
Marginal Profit
The additional profit gained from producing or selling one more unit of a good or service.
MR < MC
A condition where marginal revenue is less than marginal cost, suggesting that a firm should reduce its output to maximize profit.
Economic Profits
The excess of total revenues over total costs, including both explicit and implicit costs, reflecting the true profitability of a firm.
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