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When goods are shipped FOB shipping point, which of the following is NOT true?
Long Run
A timeframe in economic analysis where all inputs can be adjusted, allowing for the analysis of long-term strategic planning.
This Firm
A term often used in economic models or discussions to represent a generic company or business under analysis.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.
Opportunity Costs
The penalty of not opting for the next superior alternative while making a decision.
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