Examlex
Find the product.
Output
The total amount of goods or services produced by a company, industry, or economy within a particular period.
Economic Profit
The difference between total revenue and total economic costs (including both explicit and implicit costs), reflecting the true economic performance of a company.
Purely Competitive
An economic model where numerous small businesses operate, offering identical products, with unrestricted market entry and exit, and complete transparency of information.
Short Run
A period in which at least one input in the production process is fixed and cannot be varied to influence output.
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