Examlex
The ________ environment consists of laws,government agencies,and pressure groups that influence and limit various organizations and individuals.
Economic Profits
Economic profits are the surplus remaining after deducting both explicit and implicit costs from total revenue, reflecting the true profitability of a business.
Number of Firms
Refers to the total count of business entities participating in a particular market or industry.
Long-Run Equilibrium
a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.
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