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In Gideon V

question 23

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In Gideon v. Wainwright (1963) , the justices declared that


Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to changes.

Firm's Profit

The financial gain achieved by a firm when its total revenues exceed its total expenses.

Profitable Output

The level of production at which a business or entity maximizes its profit, considering its cost structure and market demand.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to make a profit.

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