Examlex
The shape of the total-cost curve is inversely related to the shape of the production function.
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.
Price Takers
Price takers are participants in a market who must accept prevailing prices and cannot influence them due to their small market share.
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