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Incumbent firms may have a whole range of cost advantages compared to new competitors.
Profits
The surplus remaining after total costs are deducted from total revenue, and an indicator of the financial health and success of a business.
Hydraulic Fracturing
A technique used in the oil and gas industry to increase extraction rates by injecting fluid into subterranean rocks to create fractures.
Fracking
A process of injecting liquid at high pressure into subterranean rocks, boreholes, etc., to force open existing fissures and extract oil or gas.
Natural Gas
A fossil fuel used primarily for heating, cooking, and electricity generation, consisting mainly of methane and other hydrocarbons.
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