Examlex
Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
-The key elements of a pluralistic society are decentralization and diversity of power. Using what you know about American society, do you consider it to be a pluralistic society? Why or why not?
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs, reflecting the excess return over the firm's opportunity costs.
Demand Curve
A graph showing how the quantity demanded of a good or service varies with its price.
Elastic
A characteristic of a good or service where its demand or supply changes significantly when its price changes.
Average Costs
The total costs of production (fixed and variable) divided by the total quantity of output produced.
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