Examlex
What are the two most basic measures that economists use to estimate the size of the economy?
Long Run
A period in which all factors of production and costs are variable, allowing for all possible adjustments in production and operations.
Break-Even
The point at which total cost and total revenue are equal, meaning the business or project is not making a loss nor profit.
Peak Efficiency
Peak Efficiency is the optimal state of operation where resources and processes produce maximum output with minimum waste or inefficiency.
ATC Curve
The Average Total Cost curve graphically represents the total cost per unit of output produced, calculated by dividing the total cost by the quantity of output.
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