Examlex
The circular-flow diagram shows the flow of _____,the flow of _____,and the flow of_______.
Purely Competitive
Another term for pure competition, it refers to a theoretical market structure with a large number of buyers and sellers, homogeneous products, and free entry and exit from the market.
Output Level
The total amount of goods or services produced by a business or economy within a specific period.
Economic Loss
A situation where total cost exceeds total revenue, resulting in a negative profit for a business.
Average Variable Cost
The total variable costs divided by the quantity of output, indicating the variable cost per unit of output.
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