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Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profitability of a firm beyond normal returns.
Quantity of Resources
The total amount of inputs available for the production process, including labor, capital, land, and raw materials.
Price-Taker Market
A market situation in which individual buyers or sellers have no influence on the price of a product, often due to the product being completely standardized and numerous participants.
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