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Why are biographical information blanks difficult for applicants to fake?
Profit
The financial gain realized when the revenue gained from a business activity exceeds the costs, expenses, and taxes needed to sustain the activity.
Normal Profit
The minimum level of profit necessary for a firm to remain competitive in the market, essentially covering opportunity costs.
Equilibrium Price
The price at which the quantity of goods supplied equals the quantity of goods demanded in a market.
Purely Competitive Industry
A purely competitive industry is characterized by many buyers and sellers, homogenous products, and free entry and exit from the market, ensuring no single entity can control the market price.
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