Examlex
Which one of these samples contains the smallest number of particles (atoms or molecules)? Explain your logic.
1.0 L of H2 at STP (0°C and 1 atm)
1.0 L of N2 at STP
1.0 L of H2 at 20°C and 760 torr
1.0 L of N2 at 0°C and 800 torr
1.0 L of He at STP
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust to market changes fully.
Marginal Cost
The expense associated with manufacturing an extra single unit of a product or service.
Profit Maximizing
The process of adjusting production and sale strategies to achieve the highest possible profits.
Economic Profits
Profits calculated by subtracting both explicit and implicit costs from total revenues; represents the extra amount over the payment needed to keep a resource in its current use.
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