Examlex
William James was inspired by the work of Charles Darwin.
Average Total Cost
The total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
Average Total Cost Curve
A graphical representation showing how the average total cost of production changes as the quantity of output changes.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments and leading to a situation where economic profit equals zero.
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