Examlex
The long-run effect of rent control on an area includes
Average Total Cost
The total cost of production divided by the quantity of output produced; encompasses both fixed and variable costs.
Long-run Equilibrium
A state where all the factors of production in an economy are being used in the most efficient way, leading to a situation where there is no tendency for change.
Perfectly Competitive Market
An economic model marked by a multitude of buyers and sellers, with no barriers to entering or leaving, and identical products.
Average Total Cost
The sum of average fixed costs and average variable costs, representing the total cost of production divided by the quantity of output.
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