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The Indian Child Welfare Act of 1978
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional amount earned beyond the next best alternative.
Economies of Scale
Cost advantages that a business can achieve by increasing the scale of production, leading to a lower cost per unit of output.
Economic Profit
The difference between a firm’s total revenue and its total costs, including both explicit and implicit costs.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choice.
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