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A gas mixture contains O2, N2 and Ar at partial pressures of 125, 250 and 500 mm Hg respectively. If CO2 gas is added to the mixture until the total pressure reaches 1250 mm Hg, what is the partial pressure of the CO2 gas in mm Hg?
Economic Profits
The surplus or profit earned by a firm over and above the total costs of production, including both explicit and implicit costs, signifying an above-normal return.
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The financial gain calculated by subtracting total explicit costs from total revenue, using generally accepted accounting principles (GAAP).
Perfectly Competitive Industry
This refers to a market structure where numerous small firms compete against each other with no single company dominating the market, selling identical products, and having easy market entry and exit.
Perfectly Competitive Firm
A business that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit.
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