Examlex
Mercury barometers measure atmospheric pressure by the height of a column of mercury in a sealed tube containing a vacuum. What effect does cross-sectional area have on the accuracy of measurements of pressure?
Positive Profits
The financial gain that occurs when total revenue exceeds total costs.
Long Run
A period in which all factors of production and costs are variable, allowing full adjustment to any change in market conditions.
Economic Profit
The difference between total revenues earned from production and the total opportunity costs of all inputs used in production.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes in market conditions.
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