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Mental models cause us to:
Excess Profit
Profit earned by a firm that exceeds the normal level of profit in its industry, often due to monopolistic power or a lack of competition.
Economic Profit
The difference between the total revenue earned from production and the total costs (including both explicit and implicit costs) involved in the creation of that production.
Excess Profit
Profit earned by a firm that exceeds the normal profit level, often due to monopolistic power or market inefficiencies.
Marginal Revenue
The additional income generated from selling one more unit of a good or service.
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