Examlex
If the quantity demanded is less than the quantity supplied,then:
Total Revenue
The total income earned by a firm from selling its products or services, calculated as the quantity sold multiplied by the selling price.
Marginal Revenue
The additional income earned by selling one more unit of a product or service.
Minimum AVC
The lowest point on the Average Variable Cost curve, indicating the most efficient scale of production where variable costs per unit are minimized.
Economic Losses
Refers to the situation where total costs exceed total revenues, leading to a negative net income for a business.
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