Examlex
A change in an equilibrium price can result from I. A change in demand
II) A change in supply
Marginal Cost
The financial impact of manufacturing an additional unit of a product or service.
Profit Maximization
A company's objective to make the most amount of profit possible with its current resources and market conditions.
Competitive Firm
A company that operates in a market with many buyers and sellers, where each has a negligible effect on the market price.
Average Total Cost
The cost per unit of output, calculated by dividing the total production cost by the quantity of output produced.
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