Examlex
What Florentine banker founded an academy for the study of Plato?
Fixed Cost
Costs that do not vary with the level of output or activity, such as rent or salaries.
Marginal Cost
The increased cost incurred from making one more unit of a product or service.
Average Total Cost
The total cost divided by the quantity of output produced, representing the average cost per unit of output.
Short-Run Supply Curve
A graphical representation showing the quantity of a good or service that producers are willing and able to sell at different prices over a short period, holding other factors constant.
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