Examlex
_____ are persistent thoughts, ideas, impulses, or images that seem to invade a person's consciousness.
Economic Profit
The difference between a firm’s total revenue and its opportunity costs (including both explicit and implicit).
Long-run Average Total Cost
The total cost per unit of output when all factors of production are variable, and economies of scale have been achieved.
Average Total Cost Curve
A graphical representation showing how the total cost of production per unit of output changes with the level of output.
Long-run Equilibrium
occurs when all firms in a market or industry are producing at their most efficient level, with no incentive for entry or exit, and economic forces are balanced.
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