Examlex
The first legitimate test of intelligence was devised in _________ around 1904 by Binet and Simon.
Economic Profit
The difference between the total revenue generated by a business and the total opportunity costs of all resources used in the production process.
Competitive Price-searcher
A market structure where firms have some degree of market power, allowing them to set prices above marginal cost to seek profits, while still facing competition.
Average Total Cost
The total cost of production divided by the quantity produced, representing the cost per unit of output.
Contestable Market
A market with free entry and exit, where a company's prices and outputs are constrained by the threat of competition from potential entrants.
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