Examlex
According to Santayana, "If our spontaneous thoughts came to run in harmony with the course of nature, if our expectations were then continually fulfilled, the sense of mystery would ..."
Economic Profits
The difference between total revenue earned from production and the total opportunity costs of all inputs used in the production process.
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced over the long term, with all factors of production and markets adjusting fully to any changes.
Long-Run Cost Curve
A graphical representation that shows the minimum cost at which different quantities of output can be produced in the long run, highlighting economies and diseconomies of scale.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output supplied by all firms in the industry.
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