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Read the following excerpt from a patient's health record: Plan: Patient has already had an emergent coronary arteriography, which showed three stenotic vessels. I have recommended CABG over percutaneous catheterization due to three-vessel involvement, and the patient agrees.
According to the information in this patient's health record, which of the following statements is NOT true?
Long-Run Cost Curve
A graphical representation that shows the minimum cost at which any output level can be produced when all inputs are variable.
Economic Profits
The difference between total revenue earned from production and the total opportunity costs of all inputs used in the production process.
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced over the long term, with all factors of production and markets adjusting fully to any changes.
Long-Run Cost Curve
A graphical representation that shows the minimum cost at which different quantities of output can be produced in the long run, highlighting economies and diseconomies of scale.
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