Examlex
Copernicus proposed a heliocentric model of the universe because ________.
Short-Run
A timeframe in which a company cannot alter at least one of its resources.
Economic Profit
The difference between the total revenue earned by a firm and the total cost of inputs, including both explicit and implicit costs.
Implicit Costs
The opportunity costs of utilizing resources owned by the firm that could have been employed for other purposes.
Explicit Costs
Direct, out-of-pocket payments for resources employed in the production of goods or services, easily identified and measured.
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