Examlex
If a perfectly competitive firm charges a price that is equal to its average total cost:
Unit of Output
The basic measure of productivity or product which is generated by a production process, operation, or project.
Competitive Market Economy
A system where market forces govern the production, distribution, and pricing of goods and services, featuring many buyers and sellers and free entry and exit from the market.
Least-Cost
A principle or method of minimizing the costs of production or operation while achieving the desired output or quality.
Production Technique
Methods or processes used in the creation of goods or services, often focusing on increasing efficiency or quality.
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