Examlex
What is temperature? What is the commonly used temperature scale in the United States?
Economic Profits
The financial gain made in a transaction after accounting for both explicit and implicit costs.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.
MC = MR
Stands for the economic principle where Marginal Cost (MC) equals Marginal Revenue (MR), a condition for profit maximization in firms, indicating the optimal level of production.
Profit-maximizing Level
The point at which a firm achieves the highest possible profit, balancing the cost of production against revenue from sales.