Examlex
The standardized recipe for a menu item costs $980.00 to produce and it yields 200 portions. If each portion sells for $17.50, what is the item's food cost percentage?
Industry Exit
The process or act of businesses leaving a particular market or industry, often due to unfavorable conditions or better opportunities elsewhere.
Long-Run Equilibrium
A state in a market where all factors of production are fully utilized, leading to a situation where supply equals demand, with no external pressures to change.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing true profitability.
Increase Production
The process of raising the output or quantity of goods and services produced by a firm or country.
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