Examlex
In August 2011,global revenues for McDonald's ________ when measured in local currencies than it did when measured in dollars.This occurred because the value of the U.S.dollar increased relative to most other currencies.
Allocative Efficiency
A state of the economy where resources are allocated in a way that maximizes the overall welfare or utility of consumers.
Average Cost
The total cost divided by the number of goods produced, representing the cost per unit of output.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Short Run
Period of time in which quantities of one or more production factors cannot be changed.
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