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When testing is necessary in order to determine pathology,
Economic Costs
The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.
Accounting Profit
The total revenue of a business minus the explicit costs associated with that revenue, calculated using generally accepted accounting principles (GAAP).
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Short Run
In economics, a period during which at least one of a firm's inputs is fixed and cannot be changed.
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