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Homo erectus differed from earlier hominids in having traits such as
Long-Run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied over a period when all factors of production can vary.
Output
Refers to the quantity of goods or services produced in a given time period by a firm or economy.
Short-Run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied by producers in the short term, under fixed resources and technologies.
Break-Even Point
The low point on the firm’s average total cost curve. If the price is below this point, the firm will go out of business in the long run.
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