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Natural selection can be summarized by which statement?
Normal Profit
The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.
Marginal Cost
The increase or decrease in the total cost incurred from producing one additional unit of a good or service.
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