Examlex
In the context of a survey,which of the following terms represents the span between the highest and lowest values?
Long Run
A period in economics during which all factors of production and costs are variable, and firms can adjust all inputs.
Efficient Output
The level of production that maximizes a firm's profits while minimizing its costs, often associated with where marginal cost equals marginal revenue.
Lowest Price
The minimum cost at which a product or service can be bought, often sought after in competitive markets.
Total Profits
The final financial gain from a business operation after subtracting all expenses, taxes, and costs from total revenues.
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