Examlex
A firm whose average total cost continually declines at least to the quantity that could supply the entire market is known as a
Productive Efficiency
A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.
Marginal Cost
The price involved in producing one more unit of a product or service.
Marginal Revenue
The additional revenue that is gained by selling one more unit of a product.
Deadweight Losses
Economic inefficiencies that occur when market equilibrium is disrupted, leading to a loss of economic welfare.
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