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Should we be more cautious in our approach to novel technologies? Reference the text in your response.
Price-Taker Firm
A business that has no control over the market price of its products and must accept the prevailing market price.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and opportunity costs.
Opportunity Cost
The highest valued alternative that must be sacrificed as a result of choosing an option.
Economic Losses
The decrease in wealth or resources experienced by an individual, organization, or country, typically measured by cost incurred that are not offset by gains.
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