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The Proclamation of 1763
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production rather than earning income elsewhere.
Accounting Profits
The net income reported on the financial statements of a company, calculated as total revenues minus explicit costs and depreciation.
Industry Supply
The total quantity of a specific good or service that all firms in an industry are willing to sell at a given price level.
Demand
The quantity of a good or service that consumers are willing and able to purchase at various prices during a specified time period.
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