Examlex
What is median income? Why is it a better measurement of living standards than per capita output?
Market Demand
The total demand for a product or service aggregated across all individuals in the market at various price levels.
Short-Run Costs
Costs that vary depending on the level of production or output in the short term, where some factors of production are fixed.
Zero Economic Profits
A situation in which a firm's total revenues are exactly equal to its total costs, including opportunity costs, indicating neither an economic profit nor loss.
Long-Run Equilibrium
A market state where all producers and consumers have fully adjusted to all changes, and there are no forces causing further adjustments.
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