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Instructions: Please Define the Following Key Terms

question 79

Essay

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Domesday Book


Definitions:

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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