Examlex
Differentiate between feedback and feedforward, describing the purposes of each.
Zero Economic Profits
A situation where a firm's total revenues exactly equal its total costs, indicating no supernormal profit but covering all operating expenses.
Long-Run Equilibrium
A state in which a market's supply and demand balance out over time, with all firms earning normal profit and no incentive for new firms to enter or existing ones to exit.
Price Maker
A firm or entity that has the power to influence the price of goods or services in the market due to a lack of significant competition.
Total Revenue
The overall amount of money generated by a business from selling its goods or services before any costs are subtracted.
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