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Blood and lymph may carry
Output Level
The quantity of goods or services produced by a business within a given period.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
Long-Run
A period of time in economics during which all factors of production and costs are variable, allowing for complete adjustment to changes.
Average Total Cost
The sum of average variable costs and average fixed costs, or simply the total cost divided by the quantity of output produced.
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