Examlex
A political system includes the structures, processes, and activities by which a nation governs itself.
Marginal Cost
The cost incurred by producing one additional unit of a good or service, which varies depending on the level of production.
Profit
The financial gain accrued from a business activity when total revenues exceed total expenses.
Total Revenue
The total income generated from the sale of goods or services before any expenses are subtracted.
Long Run
An economic period in which all inputs, including capital, can be adjusted, allowing firms to fully adapt to market changes.
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