Examlex
Give meanings for the following abbreviations:
-PA: __________
Output
The total amount of goods or services produced by a firm, industry, or economy within a specific period.
Fixed Cost
A cost that does not change with the level of output or production, such as rent or salaries.
Short Run
A period in economics during which at least one input, such as plant size, is fixed and cannot be changed.
Physical Capital
Tangible assets such as buildings, machinery, and equipment used in the production of goods and services.
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