Examlex
A population of beetles in which some individuals are blue and some individuals are green evolves by chance because more alleles of one color are transmitted to the next generation than alleles of the other color. This mechanism of evolution is known as
Average Fixed Cost
The costs in production that remain constant regardless of output level, when divided by the produced output quantity.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.
Purely Competitive Seller
A market participant who has no control over the price of the product it sells because the market sets the price through supply and demand.
Total Cost
The sum of fixed and variable costs used in producing goods or services.
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