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Economic Profits
The difference between total revenue earned from production and the total opportunity costs of all inputs used in the production process.
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced over the long term, with all factors of production and markets adjusting fully to any changes.
Long-Run Cost Curve
A graphical representation that shows the minimum cost at which different quantities of output can be produced in the long run, highlighting economies and diseconomies of scale.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output supplied by all firms in the industry.
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