Examlex
The iron law of oligarchy suggests that power gravitates to _____ .
Average Revenue
The amount of income generated per unit of sale or service offered, calculated by dividing total revenue by the number of units sold.
Profit Maximizes
The process by which a firm determines the price and output level that leads to the highest profit.
Average Total Cost
The per unit cost of production, calculated by dividing total cost by the quantity of output produced.
Fixed Cost
Costs that do not change with the level of production or output, such as rent or salaries.
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