Examlex
What is the name of the year long course in which individual's must undertake after completing a law degree or law conversion course?
Economic Profit
The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.
Short-run Marginal Cost Curve
A curve that shows the change in total cost associated with producing one more unit of output in the short term.
Diminishing Marginal Returns
A principle that states as additional units of a variable input are added to fixed inputs, the additional output produced from each new unit eventually decreases.
Variable Resources
Inputs that change in quantity with levels of production, such as raw materials and labor.
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