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Simplify the expression. Include absolute value bars where necessary.
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Long-Run Adjustment
The process through which inputs and outputs fully adjust to changes in the market, considering all potential variable and fixed costs.
Zero Profit
A situation where a firm's total revenue is exactly equal to its total costs, resulting in no net profit.
Maximum Profit
The highest possible financial gain a business can achieve from its operations under given market conditions.
Profit-Maximizing Output
The level of production at which a firm achieves the highest possible profit.
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