Examlex
Solve the equation. Use a calculator where appropriate. If the answer is irrational, round to the nearest hundredth.
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Equilibrium Price
The price at which the quantity of goods supplied equals the quantity of goods demanded.
Constant Cost Industry
An industry in which the costs of production, including the prices of inputs, do not change as the total output of the industry changes.
Total Cost
The complete cost of production, including both fixed and variable costs.
Unit Price
The cost per unit of a product or service.
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