Examlex
Which of the following groups was considered the first urban civilization?
Marginal Costs
The cost of producing a subsequent unit of a product or service.
Long Run
The long run is a period in economics where all inputs or factors of production can be varied, allowing firms to adjust fully to market conditions.
Economic Profit
The split between total revenue generation and total cost accrual, encompassing both declared and understood costs.
Long-Run Adjustments
Adjustments that firms make over a period where all inputs can be varied, and there are no fixed factors of production.
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