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Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing excess revenue over the opportunity cost of resources employed.
Competitive Equilibrium
A state in a market where supply equals demand, leading to an optimal distribution of goods and services among participants.
Constant-cost Industries
Industries where the costs of production do not change significantly with an increase or decrease in the quantity produced.
Economic Efficiency
A condition where resources are allocated in a way that maximizes the production of goods and services, and minimizes waste and inefficiency.
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