Examlex
The basic assumption of _____ is that marketing to repeat customers is more profitable than marketing to first-time buyers.
Long-run Equilibrium
A state in which all factors of production and costs are variable, and all firms in an industry are making normal profit, resulting in market stability over time.
Average Total Cost
The total cost of production (fixed and variable costs) divided by the total quantity of output produced.
Profit-maximizing Price
The price at which a firm can sell its product to maximize its profit, determined by market demand and production costs.
Product Differentiation
A strategy businesses use to distinguish their products from those of competitors in features, quality, or design to attract consumers.
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