Examlex
A salmon returns to its home stream to spawn. What term best applies to this behaviour?
Marginal Revenue
The rise in income generated by selling an additional unit of a product or service.
Average Total Cost
The cost per unit of output, calculated by dividing the total production cost by the total quantity produced.
AVC Curve
A graph representing the average variable cost of producing different quantities of output, typically U-shaped due to economies and diseconomies of scale.
Short-run Shut-down Price
The price level at which a firm's total revenue is equal to its variable costs, below which it should cease operations.
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