Examlex
Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Domesday Book
Marginal Cost
The price involved in creating another unit of a good or service.
Break-even Price
The price at which total revenues equals total costs, resulting in neither profit nor loss.
Shut-down Price
The price level at which a business's revenue just covers its variable costs, below which it will cease operations.
Average Variable Cost
The average cost of variable inputs (like labor and materials) per unit of output produced.
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