Examlex
Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-Hatshepsut
Identical Products
Goods that are exactly the same in every feature and aspect, making them perfect substitutes for one another.
Economic Profits
Total revenues minus total costs, where total costs include both explicit and implicit costs.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar enough to be interchangeable.
Long Run
A period of time in economics during which all inputs and conditions can be varied, allowing for full adjustment to changes.
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