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A system initially has an internal energy E of 501 J. It undergoes a process during which it releases 111 J of heat energy to the surroundings, and does work of 222 J. What is the final energy of the system, in J?
Barriers to Entry
Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter a market.
Economic Profits
The surplus achieved when revenue generated from business activities exceeds both explicit and implicit costs.
Long Run
A period of time in which all factors of production and costs are variable, and firms can adjust all inputs.
Competitive Price-searcher
A market condition where sellers actively set prices and seek to differentiate their products in an effort to attract consumers in a competitive environment.
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