Examlex
If the price of labor increases, employers will hire more labor because it is more valuable.
Long-run Equilibrium
A state in which all factors of production and costs are variable, leading to a situation where economic profits have been normalized or eliminated due to competition.
Constant Costs
Costs that do not change with the level of output or activity within a certain range.
Short-run Supply Curve
A graphical representation showing the relation between the price of a product and the quantity of the product that a firm is willing and able to sell, given fixed resources.
MC Curve
A graph that shows the relationship between the marginal cost and the quantity of output produced, typically upward sloping.
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