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-If the hammer is on the floor, the baby will get hurt.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, measured in terms of opportunity costs.
Long Run
A period in economics where all factors of production and costs are variable, allowing full adjustment to changes.
Demand Curve
A diagram that illustrates the connection between a product's price and the amount of the product that buyers are prepared and capable of buying at different price levels.
Economic Profit
The difference between the total revenue earned by a business and the total costs (both explicit and implicit) of all resources used.
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