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What are the main characteristics of the IEEE 802.11b standard?
Economic Profit
The difference between total revenue and the total costs of production, including opportunity costs not just explicit costs.
Long Run Equilibrium
A state in which all factors of production and costs are variable, and firms no longer have an incentive to enter or exit an industry, leading to a stable market condition.
Firm
A business organization that sells goods or services in order to make a profit.
Producer Surplus
The difference between what producers are willing to receive for a good or service and the actual amount they receive, due to the market price being higher.
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