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What is the best choice of reagent to accomplish the following transformation?
Economic Profits
Economic profits refer to the excess returns a firm makes above its opportunity costs, factoring in both explicit and implicit costs.
Profit-Maximizing
The process of finding the level of output at which a firm makes the highest profit.
Short Run
A period in which at least one factor of production is fixed and cannot be varied by the firm.
Long Run
A period sufficient for all inputs in production to be adjusted, including physical capital and labor.
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