Examlex
The business model of an entrepreneur must be flexible in order to respond to new information.
Level of Output
The total volume of goods or services produced by a firm, industry, or economy within a given period.
Perfect Competitor
A theoretical market structure in which many firms sell identical products, entry and exit are free, and no single buyer or seller can influence the market price.
Economic Profit
The difference between a firm's total revenue and its total costs, including both explicit and opportunity costs.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the cost per unit.
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