Examlex
The Psy.D.degree stands for
Economic Profit
The difference between a business's total revenue and its total costs, including both explicit and implicit costs.
Long-Run Supply Curve
A graphical representation showing the relationship between price and quantity supplied over time, factoring in adjustments in factors of production.
Constant-Cost Industry
Industry whose long-run supply curve is horizontal.
Long-Run Supply
A market's supply at a point where all inputs can be adjusted, considering factors like technology and resource availability, reflecting the time period in which firms can fully adjust to market conditions.
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