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The initial cause that is triggering the loss of polar bears, and the resulting change in Arctic communities, is
Economic Profit
A rephrased definition: The profit achieved after deducting both explicit and implicit costs, representing the true surplus from economic activities.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical.
Marginal Cost
The increase in costs from making an additional unit of a product or service.
Long-Run Equilibrium
A state in economics where all factors of production are fully adjustable, leading to a situation where no economic agent has an incentive to change its behavior.
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