Examlex
Fill in the blank in the following equation: Sense + Perception + Feeling + Thinking =
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced; it decreases as production increases.
Short Run
A time period in economics during which at least one input, such as plant size, is fixed and cannot be changed.
Competitive Firm
A company that operates in a market with many sellers, where it has little to no control over the price of its product.
Perfectly Elastic
Perfectly Elastic describes a situation in which the quantity demanded or supplied responds infinitely or extremely sensitively to a change in price.
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