Examlex
A competitive firm:
Long Run
A term in economics referring to a period wherein all inputs can be adjusted, including those that are typically fixed in the short run.
Variable Costs
Charges that adjust directly in response to the quantity of production or output.
Average Total Cost
The total cost divided by the quantity of output produced, representing the cost per unit of output.
Marginal Cost
The outgoings associated with the production of one more unit of a product or service.
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