Multiple Choice
Match each of the appropriate formulas with correct term.
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Definitions:
Profit
The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes involved in sustaining the activity in question.
Long Run Equilibrium
A state in an economy in which all factors of production and inputs can be varied, allowing firms to make adjustments and leading to the normalization of prices and output.
Industry's Adjustment
The process by which industries adapt to changes in economic conditions, technology, or market demands.
Average Total Cost
The total cost of production divided by the number of units produced, representing the average cost per unit.
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