Examlex
The Witchcraze was a Neo-Pagan movement in 19th century Europe that attempted to rehabilitate healers and midwives.
Economic Profits
The disparity between a company's overall income and the sum of its explicit and implicit expenses.
Accounting Profits
The net income of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues, according to standard accounting practices.
Perfectly Competitive
A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taking behavior.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to enter and exit the market, and no economic forces are pushing for change.
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