Examlex
A part-time worker who wishes to have a full-time job counts as fully employed.
Competitive Market
A marketplace setup where there are numerous buyers and sellers, ensuring that no single participant has the power to control prices or the state of the market.
Average Total Costs
The total cost of production (fixed plus variable costs) divided by the quantity of output produced.
Market Price
The present rate at which a service or asset is available for purchase or sale in a specific market.
Marginal Revenue
The revenue increase resulting from the sale of one extra unit of a good or service.
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