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Profit-maximizing Level
The output level at which a firm achieves the highest possible profit.
Short-run
In economics, a period wherein at least one input (like capital) is fixed, and firms can only adjust variable inputs (like labor).
Normal Profits
The level of profit necessary to keep a firm in a specific industry or market in the long run, equating to the firm’s opportunity costs.
Profit-maximizing
A business strategy or operational mode where the primary goal is to achieve the maximum possible profits.
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