Examlex
A ________ is a set of rules that programs on two communicating devices follow.
Price Taker
An economic entity that does not have the market power to set the price of a good or service but must accept the market price as given.
Market Price
The present rate at which a service or asset is available for purchase or sale in a market.
Average Variable Cost
The total variable cost divided by the number of units produced.
Long-run Supply Curve
A graphical representation showing the relationship between price and quantity supplied over a period long enough for all inputs to be adjusted.
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