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Describe the differing effects of the sympathetic and parasympathetic branches of the autonomic nervous system.
Economic Profits
The surplus remaining after deducting both the explicit and implicit costs from total revenues; represents extra earnings above the next best alternative.
Fair Return
The reasonable profit that a business can expect to make, considering the risk involved.
Pure Monopoly
A market structure where a single firm is the sole producer of a product or service with no close substitutes, giving it significant control over price.
Profit-maximizing Price
The price level at which a company can sell its product or service to maximize its profit, considering cost, demand, and competition.
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