Examlex
Explain why a producer who is causing external costs does not have the incentive to reduce these costs.
Total Revenue
The full amount of capital a business garners from the sale of goods or the rendering of services for a particular timeframe.
Total Cost
The complete cost of production that includes both fixed and variable costs.
Profit
The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes associated with the activity.
Average Total Cost
Average Total Cost is an economic concept that represents the total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
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