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Why is perspiration an effective means of cooling human skin?
Equilibrium Price
The price at which the quantity of goods suppliers are willing to produce equals the quantity of goods consumers are willing to buy.
Normal Profit
The minimum level of profit necessary for a company to remain competitive in the market, covering opportunity costs but not generating economic profit.
Market Equilibrium
The state in which market supply and demand balance each other, and, as a result, prices become stable.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, reflecting the true profitability of the firm.
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