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Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the profit beyond the normal return on investment.
Profit-Maximizing
The strategy businesses use to generate the highest possible profit, typically by adjusting price, output, or other operational variables.
Demand Schedule
A table showing the quantity of a good or service that consumers are willing and able to purchase at various prices over a specified period.
Short-Run Cost
Expenses that a firm faces in the short term, typically involving costs that vary with the level of output.
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