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All of the following were true about slave marriages and family life EXCEPT:
Minimum Efficient Scale
The minimum efficient scale is the lowest point of production where a firm can achieve the economies of scale, reducing its cost per unit to the minimum.
Economic Profits
The surplus or profit gained by a firm after subtracting all its costs, including both explicit and implicit costs, from its total revenues.
Accounting Profits
The net income for a company calculated by subtracting total expenses from total revenues, according to standard accounting practices.
Short Run
A period of time in economics during which at least one input, such as plant size, is fixed and cannot be changed.
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