Examlex
Which term means refraining from sexual intercourse?
Industry Equilibrium
A state where supply and demand in an industry are balanced, leading to stable prices and quantities.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain in excess of the opportunity costs.
Long-run Equilibrium
A state in which all firms in a market are earning zero economic profits, ensuring that no firm has an incentive to enter or exit the market.
Industry
Describes the aggregate of manufacturing or technically productive enterprises in a particular field, often named after its principal product.
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