Examlex
How do consumer choice and demand affect a capitalistic system?
Firm
A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to consumers in exchange for money.
Total Profit
The overall financial gain made by a business after subtracting all costs from the total revenue generated from its operations.
AVC
Average Variable Cost; the total variable cost divided by the quantity of output produced.
ATC
Stands for "Average Total Cost," which refers to the total cost divided by the quantity of goods produced, in economics.
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