Examlex
It has been said that "economics is the science of common sense." Is economics synonymous with common sense?
Decreasing Costs
A situation where the total cost of production decreases as the volume of production increases.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, inversely related to normal goods.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and economic forces are balanced, leading to no net inclination to change.
Constant-Cost Industry
An industry in which the costs of production (including input prices) remain constant regardless of changes in the industry's output level.
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