Examlex
Write a coherent and informative paragraph incorporating each of the following terms or concepts: müllerian duct; wolffian duct; vas deferens; fallopian tubes; indifferent gonads; testes; ovaries
Economic Profits
Profits exceeding the opportunity costs of all resources used, including both explicit and implicit costs.
Accounting Profits
The difference between total revenues and explicit costs, representing the net income a company reports on its financial statements.
Most Efficient Output
The level of production at which a firm operates with the lowest average total cost, achieving optimal efficiency.
Long Run
A period in economic analysis in which all inputs can be adjusted and no factors are fixed.
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