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As an experiment, you infect bacteria with an unknown virus to see how the virus affects the bacteria. After a few days, you notice that the bacterial population is growing normally and that the cells appear healthy. Assuming that the infection occurred successfully, what can you conclude from your observations?
Firm
An organization that uses resources to produce goods or services for profit in an economic system.
Goods
Items or products that are produced to satisfy wants or needs of consumers. Goods can be tangible, like food and cars, or intangible, like services.
Services
Intangible and non-physical goods provided by individuals or companies, such as healthcare, education, and financial consulting.
Total Product
The total quantity of output produced by a firm or economy as a result of its production process.
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