Examlex
________ are generally written as action phrases and may also include the means and desired results.
Average Variable Cost
The total variable costs divided by the quantity of output produced.
Perfectly Competitive
A market structure characterized by many buyers and sellers, identical products, and free entry and exit, leading to price determination by supply and demand.
Market Price
The ongoing value for buying or selling a product or service in the free market.
Shut Down
A short-term decision by a firm to cease production when marginal revenue does not cover variable costs, differing from going out of business, which is a long-term decision.
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