Examlex
Match each term with the correct statement below.
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Economic Profits
Refers to the financial gains that exceed the total costs, including both explicit and implicit costs, of a business.
Enter Industry
The act of starting or initiating business operations in a particular market sector.
Long Run
The long run is a time period sufficiently long that all factors of production and costs can be fully adjusted, including plant sizes, machinery, and entry or exit from an industry.
Monopolistically Competitive
A market structure where many firms sell similar but not identical products, allowing them some power to influence prices.
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