Examlex
Briefly describe the Path class in Java.
Marginal Cost
The change in total cost required to produce an additional unit of output.
Average Total Cost
Total cost divided by the number of units produced. It is sometimes called per-unit cost.
Long Run
A time period long enough to allow the firm to vary all of its factors of production.
Price Searchers
Firms that face a downward-sloping demand curve for their product. The amount the firm is able to sell is inversely related to the price it charges.
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