Examlex
The ________ runs deep to the internal oblique.
Economies of Scale
Cost advantages that entities attain due to the scale of operation, with costs per unit of output generally decreasing with increasing scale.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding opportunity costs.
Short-Run Equilibrium
The condition in which supply and demand are equal at a particular price level, within a short time frame, before all variables have fully adjusted.
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