Examlex
As a result of any natural process,the total entropy of any system plus that of its environment
Economic Profit
The divergence between overall financial returns and comprehensive expenses, integrating both apparent and implied costs.
Long Run
In economics, a period in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced, representing the cost per unit of output.
Total Revenue
The complete sum of funds a company acquires from selling goods or offering services over a specified time period.
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