Examlex
Write the function in terms of its cofunction. Assume that any angle in which an unknown appears is an acute angle.
-csc 35°
Economic Profit
The difference between total revenue and both explicit and implicit costs; the profit that exceeds the opportunity cost of resources.
Perfectly Competitive Markets
Markets in which no individual buyer or seller has any significant impact on prices and products are perfect substitutes.
Minimum ATC
The lowest point on the Average Total Cost curve, indicating the most efficient scale of production for a firm in the long run.
Economic Profit
Profits earned by a firm or an individual after subtracting both the explicit costs and opportunity costs of resources employed.
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