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In one study on content bias in elementary reading tests, groups of experts were able to inspect the test and eliminate items that were potentially biased toward the majority group. How did this affect the differences between scores obtained by groups of majority and minority students?
Total Profit
The total financial gain made by a business after subtracting all costs and expenses from total revenue.
Short Run
A time period in economics during which at least one input is fixed and cannot be changed by the firm, contrasting with the long run where all inputs are variable.
Average Variable Cost
The total variable cost divided by the quantity of output produced; it is the cost of producing an additional unit of a good or service.
Purely Competitive
Market structures characterized by many buyers and sellers, where no single entity has the market power to influence the price of a homogeneous product.
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