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Why was the Peloponnesian War deadlocked for an extended period of time?
Allocative Efficiency
A condition of distributing resources in which improving the situation of one person necessitates the detriment of another.
Long-Run Equilibrium
A state in which all factors of production can be adjusted, markets clear, and no economic agents have the incentive to change their behavior.
Marginal Revenue
The additional income that a business receives from selling one more unit of a good or service.
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs.
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