Examlex
While conducting research on intelligence the experimenters were very careful to control for unwanted variability in such factors as age, gender, ethnic background, and socioeconomic status. They did this in order to avoid or minimize the influence of:
Normal Profit
The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.
Marginal Cost
The increase or decrease in the total cost incurred from producing one additional unit of a good or service.
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