Examlex
In 1946, the World Health Organization redefined health as the:
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs.
Perfectly Competitive Firm
A company that operates in a market where there are many buyers and sellers, no barriers to entry or exit, and the firm sells a homogeneous product.
MR
The extra revenue that a firm gains when it sells an additional unit of output, essentially another term for marginal revenue.
AVC
Average Variable Cost, the total variable costs divided by the quantity of output produced.
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