Examlex
If stretched out flat,the human cerebral cortex would cover an area of about ________.In addition,the average 20 year old has about ________ miles of white matter in his or her brain.
Fixed Cost
A cost that does not change with an increase or decrease in the amount of goods or services produced or sold.
Long-Run Cost Curve
A graphical representation that shows the minimum cost at which any output level can be produced when all inputs are variable.
Economic Profits
The difference between total revenue earned from production and the total opportunity costs of all inputs used in the production process.
Long-Run Equilibrium
A state in which economic forces such as supply and demand are balanced over the long term, with all factors of production and markets adjusting fully to any changes.
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