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Economic Profits
The excess of total revenues over total costs, including both explicit and implicit costs.
Perfectly Competitive
Describes a market structure where numerous small firms compete against each other, and products are considered perfect substitutes.
Average Rate
A mathematical mean or typical value of a set of rates, often used in reference to interest rates, pricing, or other financial statistics.
Market Demand
The total quantity of a product or service that is desired by all potential consumers in a market at various price levels.
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