Examlex
The management of a small firm's long-term assets is called capital budgeting.
Marginal Costs
Relates to the additional expenses faced when a business decides to increase its output or product quantity by one more unit.
Average Total Cost
The total cost of production divided by the quantity produced, representing the per-unit cost of production.
Price-Taker Industry
A sector in which businesses must accept the prevailing prices in the market as they have no influence over setting them.
Marginal Costs
The additional cost incurred by producing one more unit of a product or service.
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