Examlex
A ____ prompts you for criteria to determine the records to use for the report.
Average Cost
The total cost divided by the number of goods produced, representing the cost per unit of output.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Short Run
Period of time in which quantities of one or more production factors cannot be changed.
Long Run Equilibrium
Long run equilibrium occurs when all inputs can be adjusted by firms, markets are perfectly competitive, and economic profit is zero, leading to a situation where firms just cover their opportunity costs.
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