Examlex
Excuses are never a part of repairing trust.
Annual Fixed Cost
Expenses that do not change in proportion to the activity of a business, within the period of a year.
Socially Efficient
An economic condition where resources are allocated in a way that maximizes total social welfare.
Marginal Cost
The change in total production cost that arises when the quantity produced is incremented by one unit.
Total Profit
The total income earned by a firm after deducting all costs and expenses from total revenue.
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