Examlex
Describe and give examples of stuttered disfluencies.
Average Variable Costs
The cost that varies with the level of output, divided by the quantity of output produced, reflecting the variable expenses per unit.
Economic Profit
The difference between total revenue and the total costs of production, including opportunity costs not just explicit costs.
Long Run Equilibrium
A state in which all factors of production and costs are variable, and firms no longer have an incentive to enter or exit an industry, leading to a stable market condition.
Firm
A business organization that sells goods or services in order to make a profit.
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