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Descartes hypothesized an evil demon to keep himself from doing sinful things.
Factor Price
The price paid for the use of a factor of production such as labor, capital, or land.
Factor Demand
Refers to the demand for resources or inputs that are used in the production of goods or services.
Long-Run Cost Function
The relationship between output quantities and total cost when all inputs, including capital, are variable in the production process.
Output Supply
The quantity of a good or service that producers are willing to sell at various prices over a certain period of time.
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