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Dalton's atomic theory has required some modifications in the light of subsequent discoveries. For any three appropriate postulates of Dalton's atomic theory
a. state the postulate in its original form.
b. in one sentence, describe why the postulate has needed modification.
Infinitely Price Elastic
Describes a situation where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.
Total Revenues
The overall amount of money generated by a business from its normal business operations.
Total Costs
The complete amount of money spent by a business for producing or acquiring goods or services, including both fixed and variable costs.
Economic Profits
Economic profits are the financial gains that exceed the total costs of production, including both explicit and opportunity costs, indicating an above-normal return.
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