Examlex
What is accessibility?
AVC
Average Variable Cost, which is the total variable costs of production divided by the quantity of output produced.
ATC
Stands for Average Total Cost, a metric that represents the per-unit total cost of production, including both fixed and variable costs.
MR
Short for Marginal Revenue, the increase in total revenue a firm receives from selling one additional unit of a good or service.
Economic Profits
The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.
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