Examlex
________ is the tendency of individuals to increase their liking for something that they have worked hard or suffered to attain.
Excess Capacity
A situation where a company or economy can produce more goods than are being demanded, indicating underused resources.
Average Total Cost
Average total cost is the total cost of production divided by the total quantity produced, representing the cost per unit of output.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating surplus beyond the normal profit level.
Demand Curves
Graphical representations that show the relationship between the price of a good or service and the quantity demanded by consumers.
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