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What are long-term incentive plans? Give examples.
Short-Run Equilibrium
A state in which supply and demand are balanced at a particular price level within a short timeframe, before any significant external changes can occur.
Total Cost
The entire cost of production including both fixed and variable costs.
Marginal Cost
The upsurge in total financial outlay occasioned by the production of one supplementary unit of a product or service.
Marginal Revenue
The additional revenue that a firm gains when it sells one more unit of a product.
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