Examlex
The fundamental frequency of a vibrating string is f1. If the tension in the string is increased by 50% while the linear density is held constant, the fundamental frequency becomes
Long-Run Adjustment
The process of economic agents fully adapting to changes in conditions or policies over time, reaching a new equilibrium.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional amount earned beyond the next best alternative.
Economies of Scale
Cost advantages that a business can achieve by increasing the scale of production, leading to a lower cost per unit of output.
Economic Profit
The difference between a firm’s total revenue and its total costs, including both explicit and implicit costs.
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