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-John Wyclif and John Hus
Short Run
A period during which at least one input, such as plant size or capital, is fixed and cannot be changed.
Maximum Profit
The highest possible financial gain achievable by a firm from its operations, after all costs have been subtracted from total revenue.
Output
The quantity of goods or services produced within a given time frame by a firm, industry, or country.
Long-Run Supply
The time period in which all factors of production and costs are variable, allowing firms to fully adjust to market conditions.
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