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The first step in problem-oriented policing is
Explicit Costs
Direct, out-of-pocket expenses incurred in conducting a business activity, such as wages, rent, and materials.
Economic Profits
Profits earned by a company after accounting for both explicit (direct) and implicit (opportunity) costs.
Marginal-Cost Curve
A graph that shows the relationship between the marginal cost of producing an additional unit and the total quantity of the product produced.
Law of Diminishing
A principle stating that as more units of a variable input are added to fixed inputs, the additional output from each new unit of input eventually decreases.
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