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The function graphed is of the form y = cos x + c, y = sin x + c, y = cos(x - d) , or y = sin(x - d) , where d is the least possible
positive value. Determine the equation of the graph.
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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.
Excess Profit
Profit earned by a firm that exceeds the normal level of profit in its industry, often due to monopolistic power or a lack of competition.
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