Examlex
Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Average Variable Cost Curve
A graph that shows how the average variable cost of production changes as the quantity of output changes.
Marginal Cost
The price involved in creating another unit of a good or service.
Break-even Price
The price at which total revenues equals total costs, resulting in neither profit nor loss.
Shut-down Price
The price level at which a business's revenue just covers its variable costs, below which it will cease operations.
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