____________________ Appear at the End of a Section Or,in Case

question 9

Short Answer

____________________ appear at the end of a section or,in case of a document without sections,at the end of the document.

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Definitions:

Economic Profits

The surplus or profit earned by a firm over and above the total costs of production, including both explicit and implicit costs, signifying an above-normal return.

Accounting Profits

The financial gain calculated by subtracting total explicit costs from total revenue, using generally accepted accounting principles (GAAP).

Perfectly Competitive Industry

This refers to a market structure where numerous small firms compete against each other with no single company dominating the market, selling identical products, and having easy market entry and exit.

Perfectly Competitive Firm

A business that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit.