Examlex
A document may have both a primary and secondary purpose.
Long Run
A period of time in which all factors of production and costs are variable, allowing for all adjustments to take place in the analysis of economic conditions.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced.
Marginal Revenue
The additional revenue that a firm receives from selling one more unit of a good or service.
Average Fixed Cost
The fixed costs of production (costs that do not vary with output) divided by the quantity of output produced.
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