Examlex
Arbitration does not permit voluntary participation.
Economic Profits
The total revenue of a business minus its explicit and implicit costs; a measure of incremental gain over the total costs, including opportunity costs.
Supply Curve
A graph showing the relationship between the price of a good and the quantity supplied by producers.
Long-run Equilibrium
A state in which all factors of production and outputs are variable, allowing for the adjustment of all inputs, leading to a balanced economic condition over time.
Zero Economic Profits
Occurs when a firm earns just enough revenue to cover its total costs, including opportunity costs, but no more.
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