Examlex
A type of selection that favors altruism directed toward relatives is called:
Economic Profits
Profits that exceed the opportunity costs of a firm, calculated as total revenues minus both explicit and implicit costs.
Long Run
A period during which all factors of production and costs are variable, and firms can enter or exit the industry.
Total Revenue
The gross revenue from selling products or services before deducting any costs.
Fixed Cost
Expenditures that do not change with the level of production or sales, such as rent, salaries, and insurance.
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