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Perfectly Elastic
Describes a situation in demand or supply where quantity changes by an infinite amount in response to any change in price.
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs, representing the surplus generated from business operations beyond the normal returns.
Hired Managers
Individuals employed by the owners of a firm to run the day-to-day operations and make business decisions.
Business Corporations
Legal entities that are formed to engage in business activities, owned by shareholders who share in the profits but are typically not liable for the company's debts.
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