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Would the Assyrian Army have been more effective if it did not use terror tactics? Why or why not?
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, often depicted as the area above the supply curve and below the market price.
Average Cost
The total cost of production divided by the number of goods produced; also known as per unit cost.
Average Variable Cost
The unit cost of producing each product, calculated by dividing the variable costs (costs that vary with output) by the number of units produced.
Long Run
A period of time in which all factors of production and costs are variable, allowing for adjustments in all inputs and outputs.
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