Consider the following piece of equipment found in a chemistry laboratory. This equipment could be used to measure: 
Definitions:
Profit-Seeking Entrepreneurs
Individuals who start and run businesses with the primary goal of making a profit, often taking on financial risks in the pursuit of economic gains.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing excess profit above normal expected returns.
Resources Required
The inputs needed for the production of goods or services, including time, labor, capital, and materials.
Long-Run Adjustment
The process of economic agents fully adapting to changes in conditions or policies over time, reaching a new equilibrium.
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