Examlex
A solution with a pH of 7 is neither acidic nor basic.
Average Total Cost
The per-unit production cost, calculated by dividing the overall production expenses by the number of units produced.
Price Taker
An economic term for a market participant that accepts the prevailing prices without influencing them.
Profit
The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
Marginal Cost
The cost added by producing one additional unit of a product or service.
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