In the Sixth Century A

question 29

Short Answer

In the sixth century A.D., the Byzantine emperor Justinian arranged for the compilation and codification of the law then in force in the Roman world, the result was the __________________.

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Definitions:

Optimal Output

The level of production that results in the highest possible profit for a firm, determined by the point where marginal cost equals marginal revenue.

Short-Run Costs

Expenses that vary directly with the level of output in the short term, where at least one input is fixed.

Economic Profit

A firm's total revenue minus its explicit and implicit costs, representing the additional benefit above the normal rate of return.

Maximize Profits

The process or strategy employed by businesses to achieve the highest possible profit margin.