Examlex
Bananas and apples are substitutes.When the price of bananas falls,the equilibrium quantity of apples will ________ and the equilibrium price of apples will ________.
Peak Efficiency
Peak Efficiency is the optimal state of operation where resources and processes produce maximum output with minimum waste or inefficiency.
ATC Curve
The Average Total Cost curve graphically represents the total cost per unit of output produced, calculated by dividing the total cost by the quantity of output.
Economic Profits
The total revenue of a business minus its explicit and implicit costs; it’s a measure of excess above the normal levels of profits businesses earn in a competitive environment.
Long-Run Equilibrium
A state in which supply equals demand, all firms are maximizing profits, and there is no incentive for market entry or exit.
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