Examlex
Which of the following is NOT icy in composition?
Economic Profit
The difference between total revenues and total costs, including both explicit and implicit costs, representing the surplus generated from economic activities.
Technological Change
A change in the methods, equipment, and software used by a society, improving efficiency, productivity, and quality of life.
Marginal Cost
The additional cost incurred by producing one more unit of a good or service; essential for making efficient production and pricing decisions.
Output
The amount of goods or services produced by a business, industry, or country.
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