Examlex
When Apple introduced the IPhone 5s in 2013,what breakthrough technology did this model contain?
TR > TC
A situation where total revenue (TR) is greater than total costs (TC), indicating a company is making a profit from its operations.
Short Run
A period in which at least one of a firm's inputs is fixed, limiting its capacity to adjust its output levels.
Long Run
A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs.
Marginal Cost
The cost of producing one additional unit of a good or service.
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