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Maxwell's interest in an intimate relationship with his supervisor,Gloria,was genuine in the beginning but later subsided.Gloria immediately ceased any pursuit of the relationship at that point.If Maxwell has a professional falling out with Gloria afterward,can he successfully assert that the behavior that occurred during his relationship with Gloria is evidence of sexual harassment?
Economic Profits
Profits calculated by subtracting both explicit and implicit costs from total revenue, showing the total return exceeding all opportunity costs.
Long-run Equilibrium
A state in which all factors of production and outputs are optimized, resulting in a stable economic environment without tendencies for change.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar across sellers, leading to price competition and efficiency.
Marginal Revenue
The boost in income achieved by selling one more unit of a product or service.
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