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In the context of business ethics, describe Kohlberg's model of cognitive moral development.
Economic Profit
The distinction in totality between incomes and costs, inclusive of both transparent and concealed expenses.
Long Run
A period in economics where all factors of production and costs are variable, allowing for full industry adjustment.
Economies of Scale
Economies of Scale refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Barriers to Entry
Obstacles that make it difficult for new competitors to enter a market.
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