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Which blood type is considered to be a universal recipient?
Economic Profit
The return flowing to those who provide the economy with the economic resource of entrepreneurial ability; the total revenue of a firm less its economic costs (which include both explicit costs and implicit costs); also called “pure profit” and “above-normal profit.”
Accounting Costs
The explicit costs of running a business, such as wages, rent, and materials, recorded in the financial statements.
Total Revenue
The total amount of money received by a firm from sales of its products or services before any expenses are subtracted.
Average Product
The output per unit of input, for example, the average quantity of product produced per worker or per machine.
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