Examlex
Find the indicated sum or difference.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing full industry adjustment.
Output
The overall output of products or services from a business, industry, or national economy.
ATC Curve
Refers to the Average Total Cost curve in economics, which depicts how the total costs per unit of output change as the level of production is altered.
MC
The additional cost incurred by producing one more unit of a product or service, commonly known as marginal cost.
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