Examlex
Net primary productivity (NPP) is quite low in the open sea except in upwelling areas where currents bring up nutrients from the ocean bottom.
Cost Function
A mathematical formula that calculates the total cost of producing a given quantity of output, factoring in fixed and variable costs.
Profit-Maximizing Output
The level of production at which a firm achieves the highest profit, where marginal cost equals marginal revenue.
Competitive Firm
A company that operates in a market where it must accept the prevailing prices set by the market through supply and demand.
Variable Factors
Inputs or resources whose usage level can be altered in the short run to influence the level of output produced.
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