Examlex
How much larger was the size of early Homo's brain compared to the brains of early hominins?
Minimum-Cost Output
The level of production at which a firm can produce goods at the lowest possible average total cost.
Profit-Maximizing Quantity
The quantity of output at which a firm's profit is at its maximum, where marginal cost equals marginal revenue.
Market Price
The price at which a product or service is traded in the open market.
ATC
Average Total Cost, which is the total cost per unit of output produced, calculated by dividing the total cost by the quantity of output.
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