Examlex
What is the fundamental reason that Mars,unlike Earth,has become virtually geologically dead?
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs, reflecting the excess return over the firm's opportunity costs.
Demand Curve
A graph showing how the quantity demanded of a good or service varies with its price.
Elastic
A characteristic of a good or service where its demand or supply changes significantly when its price changes.
Average Costs
The total costs of production (fixed and variable) divided by the total quantity of output produced.
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