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A(n) denotes an area where an ethnic group has voluntarily chosen to live in order to maintain the group's religion or culture.
Economic Profit
The variance between collective earnings and complete expenditures, encompassing both overt and covert costs.
Normal Profit
The minimum amount of profit needed for a company to remain competitive in the market; it equals the total opportunity costs of a firm.
Economic Profits
The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.
Purely Competitive Industry
An industry characterized by many small firms producing identical products where no single firm can influence the market price.
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