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Operating leverage is present when a firm has fixed operating cost.
Breakeven Point
The point at which total cost and total revenue are equal, meaning no net loss or gain, and the business is not making a profit.
Price Ceiling
A government-imposed limit on the price charged for a product, to ensure that it remains affordable for consumers.
Price Floor
A minimum price set by the government or an organization for a particular good or service, below which it cannot be sold.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period, with price on the vertical axis and quantity on the horizontal axis.
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