Examlex
Varying prices by time of the day,the season of the year,or the day of the week is called ________.
Decreasing-cost Industry
An industry in which costs per unit decrease as the scale of production increases.
Long-run Supply Curve
A curve that shows the relationship between the price of a good and the quantity supplied over a long period, taking into account all possible adjustments including entry and exit of firms.
Input Prices
The costs of raw materials and components required to produce a good or service.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society.
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