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Static training
Variable Costs
Costs that change in proportion to the level of output or activity in a business.
Economic Profits
The surplus remaining after total costs are deducted from total revenue, factoring in both explicit and opportunity costs.
Normal Rate
Refers to the standard, expected rate in financial or economic contexts, often used as a benchmark.
Short Run
The period of time for which two conditions hold: The firm is operating under a fixed scale (fixed factor) of production, and firms can neither enter nor exit an industry.
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