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Economic Profit
The gap between the complete earnings and the overall expenditure, covering both overt and hidden costs.
Output
The quantity of goods or services produced within a given time period.
TR > TC
A situation where total revenue (TR) is greater than total costs (TC), indicating a company is making a profit from its operations.
Short Run
A period in which at least one of a firm's inputs is fixed, limiting its capacity to adjust its output levels.
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