Examlex
What is the effect on the price and quantity of a product if both the demand and supply simultaneously increase?
Variable Resource
A factor of production whose quantity can be changed easily by a firm in the short run to adjust output levels.
Total Variable Cost
The sum of all variable expenses associated with producing a particular level of output.
Total Fixed Cost
An expenditure that does not change with the level of production or sales over a short period.
Average Variable Costs
The costs of labor, material, and other inputs that change with the level of production or sales volume.
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