Talk About:  Florence Nightingale​

question 78

Essay

Talk about:  Florence Nightingale​

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing full adjustment to changes.

Demand Curve

A diagram that illustrates the connection between a product's price and the amount of the product that buyers are prepared and capable of buying at different price levels.

Economic Profit

The difference between the total revenue earned by a business and the total costs (both explicit and implicit) of all resources used.

Excess Profit

Profit earned by a firm that exceeds the normal level of profit in its industry, often due to monopolistic power or a lack of competition.