Examlex
Newborns' remarkable capacity for __________ supports the beginnings of self-awareness.
Economic Profit
The total revenue of a business minus both explicit and implicit costs.
Long-run Equilibrium
A state in which all firms in a market are making normal profits, with no incentive for entry or exit, indicating a stable market condition.
Competitive Price-searcher Market
A market condition where firms have some power to set prices due to product differentiation, yet must actively seek out the best prices and competition exists.
Zero Economic Profits
A situation in which a firm's total revenues exactly equal its total costs, implying no excess return over the opportunity cost of resources.
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