Examlex
What do we call an orbit that has the same period as the rotation period of the Earth?
Long-run Average Total Cost
The total cost per unit of output when all factors of production are variable, and economies of scale have been achieved.
Average Total Cost Curve
A graphical representation showing how the total cost of production per unit of output changes with the level of output.
Long-run Equilibrium
occurs when all firms in a market or industry are producing at their most efficient level, with no incentive for entry or exit, and economic forces are balanced.
Total Revenue
The total amount of money a firm receives from selling its goods or services, calculated as the unit price multiplied by the quantity sold.
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