Examlex
Agencies may have employees who are cross-trained such as fire/police/emergency medical services.
Average Costs
The total cost of production divided by the number of goods produced, a measure of cost efficiency.
Shutting-Down
A short-term decision by a firm to cease operations while it still has the option to resume in the future, often due to unfavorable market conditions.
Average Costs
The cost per unit is determined by dividing the total production cost by the number of units manufactured.
Long Run
A period sufficient for all inputs to production, including physical capital, to be adjusted.
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