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Suppose 4 g of water at 100°C is spread over a large surface so that 1 g evaporates rapidly. If evaporation of the 1 gram takes 2,259 joules from the remaining 3 g of water and no other heat transfer takes place, what are the temperature and phase of the remaining 3 g once the 1 gram is completely evaporated?
Long-run Total Costs
The total costs incurred by a firm when all factors of production are variable, and the firm can change its scale of operation.
Opportunity Cost
The expense incurred by not choosing the second-best option available during the decision-making process.
Bank Loan
A sum of money borrowed from a bank that must be repaid with interest over a set period.
Diminishing Marginal Product
The principle that as the quantity of a factor of production increases, holding all other inputs constant, the additional output generated by one more unit of that factor will eventually decrease.
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