Examlex
Write the meaning of the abbreviation on the line.
-NG ___________________________
Average Variable Cost
Average variable cost is the total variable costs divided by the quantity of output produced, showing the variable cost per unit of output.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Marginal Cost Curve
A graphical representation showing how the cost of producing one more unit varies with the quantity produced.
Pure Monopolist
An entity that is the sole provider of a particular product or service in the market, facing no direct competition.
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