Examlex
Which differentiates a compound from a mixture of two or more elements?
Marginal Cost
The additional cost incurred by producing one more unit of a product or service.
Shut Down
A short-term decision by a firm to cease operations when variable costs exceed revenues, typically in a perfect competition scenario.
Short Run
A time period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to fully adjust.
Long Run
A period in which all factors of production and costs are variable, allowing full adjustment to any change.
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