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A corporation that files for chapter 7 bankruptcy and then re-commences business after the bankruptcy is over,will find that its pre-petition debts will be revived by law.
Average Variable Cost
The total variable costs divided by the quantity of output produced, representing the average cost of producing each unit excluding fixed costs.
Marginal Revenue Curve
A graphical representation showing how marginal revenue varies as the quantity of output produced changes.
Demand Curve
It graphically represents the relationship between the price of a good and the quantity demanded by consumers, typically depicting an inverse relationship.
Elastic
A term describing how much the quantity demanded or supplied of a good changes in response to a change in price; highly responsive quantities are considered elastic.
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