Examlex
The opportunity cost of an item is
Elastic Demand
a demand scenario where the quantity demanded of a good or service significantly changes in response to a change in its price.
Profitable
Generating revenue that exceeds the costs and expenses involved in operating.
Long-Run Equilibrium
Long-run equilibrium occurs in a market when supply equals demand over time, allowing all participants to adjust fully to any changes.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the quantity of output produced.
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