Examlex
Kurt Lewin's change model is based on the idea of diagnosis and needs analysis.
Long Run
A period of time sufficiently long that all inputs or factors of production can be varied by firms, allowing them to fully adjust to market conditions.
Variable Costs
Expenses that vary directly with the amount of production or business activity.
Fixed Costs
Costs that do not change with the level of output or production, such as rent or salaries.
Average Fixed Costs
The total fixed costs of production divided by the number of units produced, showing how fixed costs per unit change with production levels.
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