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Economic Profit
Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs.
Economic Loss
Represents a decrease in financial wealth, assets, or resources, often resulting from business operations or market changes.
Monopolistically Competitive Firm
A monopolistically competitive firm operates in a market structure where many companies sell products that are similar but not identical, allowing for limited pricing power and competition on quality and branding.
Economic Profits
The total revenue of a firm minus its explicit and implicit costs.
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