Examlex
Input prices are inflexible and are usually constant.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to any change.
Output
The total amount of goods or services produced by a person, machine, factory, country, etc., within a given period.
ATC
Average Total Cost, the sum of all production costs divided by the quantity of output produced, reflecting the average cost per unit of output.
AVC
Average Variable Cost is the total variable cost per unit of output, which is calculated by dividing total variable costs by the quantity of output.
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