Examlex
If a union and a firm cannot reach an agreement on the terms of employment, then the union can organize a withdrawal of labor from the firm, called a strike.
Average Variable Cost
The total variable costs divided by the quantity of output, indicating the variable cost per unit of output.
Marginal Cost
The hike in production costs when an additional unit of a good or service is manufactured.
Market Price
The existing selling or buying price for a service or asset in a particular trading environment.
Economic Profit
The total revenue of a business minus its total costs, including both explicit and implicit costs.
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