Examlex
Transitions may cause anxiety for students who are not fluent in English.
Short-Run Supply Curve
A graphical representation showing the quantity of goods a firm is willing to produce and sell at different price levels in the short term.
Marginal Cost
The expenditure required to produce one more unit of a product or service.
Average Variable Cost
The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output produced.
Competitive Price-Taker
A market situation where firms or individuals have no ability to influence the market price of goods or services and must accept the prevailing prices set by supply and demand forces.
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