Examlex
Apple Computer, Inc. collected information on the age of their customers. The youngest customer was 12 and the oldest was 72. To study the distribution of the age among its customers, it can use a Pareto chart.
ATC
The total production cost per unit, calculated by dividing the entire cost of production by the number of products made.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and economic forces are balanced, leading to no net tendency for the market to change.
Monopolistic Competition
A market structure characterized by many firms selling similar but not identical products, allowing each to maintain some control over pricing.
Monopolistically Competitive
Pertains to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.
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