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When the LED on a smart switch first flashes,then stays illuminated,what does that tell the operator?
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.
Average Fixed Cost
Production costs that stay unchanged with output levels, split by the amount of produced output.
Total Revenue
The cumulative revenue a business earns from its sales or service provisions in a given timeframe.
Total Cost
The aggregate cost of all inputs used in the production of goods or services, including fixed and variable costs.
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