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The right to due process means…
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the surplus revenue after accounting for all costs.
Economic Loss
A situation where total costs exceed total revenues, indicating that a firm is not covering its opportunity costs.
Accounting Profit
The calculated income of a business or company after subtracting all explicit costs from total revenues.
Average Variable Cost
Calculated by dividing the total variable costs by the quantity of output produced, representing the variable cost per unit of output.
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