Examlex
What does it mean to say that a service is perishable? Name three services that would be considered perishable.
Long Run
A period during which all factors of production and costs are variable, and firms can enter or exit the industry.
Total Revenue
The gross revenue from selling products or services before deducting any costs.
Fixed Cost
Expenditures that do not change with the level of production or sales, such as rent, salaries, and insurance.
Total Cost
the complete cost of production including both fixed and variable costs.
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