Examlex
The Devonian period is frequently called the__________, a period that witnessed the explosive radiation of fishes with jaws.
Marginal Cost
The elevated cost associated with manufacturing an additional unit of a product or service.
Competitive Firm
A company that operates in a market where it competes against other firms for market share and customers.
Long-run Equilibrium
A state in which supply equals demand, and all firms in the market are operating at an efficient scale with no incentive to enter or exit.
Minimum ATC
The point at which a firm's average total cost is at its lowest, typically considered in the context of the long-run average cost curve.
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