Examlex
A subset of items selected from a population is called a:
Firm's Profit
The financial gain a company achieves when its total revenues exceed the total costs incurred in conducting its business activities.
Efficient Scale
The level of production at which the average total costs of production are minimized.
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced, and in the context of production, all inputs, including prices and wages, can be adjusted.
Free Entry
A market condition where there are no barriers for new competitors to enter the market and compete with existing firms.
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