Examlex
A substance has a hydrogen ion concentration of M. Find the pH of the substance.
Long-Run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, accounting for adjustments in all factors of production.
Short-Run Supply Curve
A graphical representation showing the relationship between the price of a good and the amount that producers are willing to supply, over a short period.
Output
The quantity of goods or services produced by a firm, industry, or economy in a given time period.
Average Variable Cost
The total variable costs divided by the quantity of output produced, indicating the variable cost of producing each unit.
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