Examlex
Contractual savings are not determined by current decisions.
Short Run
A period in economics during which the quantities of one or more production inputs cannot be changed, making some costs fixed.
Long Run
A period in economics during which all factors of production and costs are variable, allowing full adjustment to any change in the economic environment.
Break-Even Point
This is the point at which total revenues equal total costs, and the business or project makes neither a profit nor a loss.
Firm's Output
The quantity of goods or services produced by a firm within a given time period.
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