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At 700 K, the reaction 2SO2(g) + O2(g) 2SO3(g) has the equilibrium constant Kc = 4.3 × 106, and the following concentrations are present: [SO2] = 0.010 M; [SO3] = 10.M; [O2] = 0.010 M.Which of the following is true based on the above?
Long Run
A period in economics where all factors of production and costs are variable, allowing for full industry adjustment.
Economic Profits
The disparity between a company's overall income and the sum of its explicit and implicit expenses.
Accounting Profits
The net income of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues, according to standard accounting practices.
Perfectly Competitive
A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taking behavior.
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