Examlex
Piaget's first two stages of sensorimotor intelligence are called _____.
Increasing-Cost Industry
An industry where production costs increase as the industry's output increases, often due to resource limitations or other scaling challenges.
Economic Profits
Profits exceeding the normal return on investment, calculated by subtracting both explicit and implicit costs from total revenues.
Industry Expansion
The process of a sector growing in size, output, or number of entities, often due to increased demand or technological advancements.
Normal Profits
The level of profit necessary to cover the costs of the inputs owned by the firm, acting as the minimum earnings to keep the firm in business.
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