Examlex
To search for solar panels on Google's Advanced Search form, you would enter "-solar-panels".
Short Run
A time period in economics during which at least one input is fixed and cannot be changed.
Economic Profit
The difference between total revenue and both explicit and implicit costs; the profit that exceeds the opportunity cost of resources.
Perfectly Competitive Markets
Markets in which no individual buyer or seller has any significant impact on prices and products are perfect substitutes.
Minimum ATC
The lowest point on the Average Total Cost curve, indicating the most efficient scale of production for a firm in the long run.
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