Examlex
The most severe mass extinction occurred at the end of the Permian Period.
Entry Barriers
Refers to obstacles that prevent or hinder new competitors from easily entering an industry or area of business.
Long-run Equilibrium
Long-run equilibrium occurs when all producers in a market are producing at their minimum long-run average cost, and no new firms wish to enter or exit the market.
Average Cost
The total cost of production divided by the number of goods produced, also known as unit cost.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
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