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Who allied with Ivan the Great in his expansionist policies?
Economic Profit
The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources involved in the production of goods or services.
Fixed Costs
Costs that do not change with the level of output or production, such as rent, salaries, and loan payments.
Operate
To control the functioning of a machine, process, or system.
Decreasing-Cost Industry
An industry where input costs tend to fall as the industry as a whole expands its output.
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